Home » Economy » Floods and other water-related disastors threaten to cost the global economy $5.6 trillion by 2050
Floods and other water-related disastors threaten to cost the global economy $5.6 trillion by 2050
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Worsening droughts, storms and torrential rain in some of the world's largest economies could cause $5.6 trillion in losses to the global economy by 2050, according to a report released on Monday.
This year heavy rains have triggered floods that inundated cities in China and South Korea and disrupted water and electricity supply in India, while drought has put farmers' harvests at risk across Europe.
Such disasters are costing economies hundreds of billions of dollars. Last year's extreme droughts, floods and storms led to global losses of more than $224 billion, according to the Emergency Events Database maintained by the Brussels-based Centre for Research on the Epidemiology of Disasters.
MOST WIDESPREAD DROUGHT IN 9 YEARS EXPECTED TO EXPAND
But as climate change fuels more intense rainfall, flooding and drought in coming decades, these costs are set to soar, warns the report by engineering and environmental consultancy firm GHD.
Water – when there's too much or too little – can "be the most destructive force that a community can experience," said Don Holland, who leads GHD's Canadian water market program.