Cyclone Idai damage cost seen topping $2bn

Iran: Deadly floods highlight need for ‘natural disasters’ fund

As Iranians continue to deal with the aftermath of deadly floods across the country and the government scrambles to provide relief, the need for a natural disasters insurance fund is once more deeply felt.

Since mid-March, massive floods have hit 26 of Iran’s 31 provinces, leaving at least 70 dead. They have forced evacuations, ravaged infrastructures, and incurred heavy losses on the agriculture sector.

The government of President Hassan Rouhani has been mounting relief efforts, enlisting the help of the cash-strapped banking system in the form of cheap or interest-free loans…


Cyclone Idai damage cost seen topping $2bn

Survivors of Cyclone Idai arrive at Coppa business centre to receive aid in Chipinge, Zimbabwe. Picture: Reuters/Philimon Bulawayo/

Tropical Cyclone Idai, which caused deadly flooding in Mozambique, Zimbabwe and Malawi last month, will cost the southern African nations more than $2 billion to repair the damage, according to the World Bank.

The storm affected more than three million people in the region, the bank said in an emailed statement Friday. In Mozambique, the country where the cyclone made landfall and caused the most destruction, as much as $773 million in assets may have been destroyed, the lender said in a separate statement. Read: Cyclone Idai shows why long-term disaster resilience is so crucial.  Idai could reduce output in Mozambique by 2% t this year, the International Monetary Fund said Friday.

At least 600 people died in Mozambique after the storm struck the port city of Beira mid-March. Cholera has broken out in the surrounding areas, with more than 4 000 cases reported by the government…

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