Natural disasters to cost Australia $1.2 trillion over four decades
The cost of natural disasters to the Australian economy will almost double by 2060 even under a low emissions scenario, and $1.2 trillion in cumulative costs is likely over the next 40 years, Deloitte Access Economics estimates.
Deloitte forecasts natural disasters will sap the Australian economy of at least $73 billion a year by 2060, up from $38 billion annually on average now, due to three main cost drivers: population growth, climate change and rising property values.
The findings are presented in Deloitte’s “Update to the economic costs of natural disasters in Australia” report, commissioned by the Australian Business Roundtable for Disaster Resilience & Safer Communities which includes IAG and Munich Re as members.
Significantly greater costs associated with growing populations and major river flooding are also forecast for Melbourne and Brisbane…READ ON
Natural disasters affect 94.94m people in China in Jan-Sept
Natural disasters affected about 94.94 million people in China over the first three quarters of this year, with 792 dead or missing, the Ministry of Emergency Management said Sunday.
About 5.26 million people were relocated to safe places during the period, the ministry said.
Destroying houses and damaging crops, natural disasters caused direct economic losses of 286.4 billion yuan (about $44 billion) in the Jan-Sept period. Extreme weather-triggered disasters caused heavy losses. China experienced extremely heavy rainfall 39 times in the first three quarters, leading to floods and road waterlogging, especially in the provinces of Henan and Shaanxi, according to the ministry.
Earthquakes, typhoons, droughts, snow disasters and forest fires also caused damage to various extents…READ ON