Cyclone Debbie losses head toward $ 2 billion
TREASURER Curtis Pitt says Cyclone Debbie is expected to result in an estimated $ 2 billion in economic loss to the state as the damage bill is expected to top $ 1.5 billion.
The state is still tallying the costs but Mr Pitt yesterday revealed latest estimates ahead of the final cost being revealed in the Budget, due to be handed down on June 13.
He said the damage bill would likely mirror that caused by Cyclone Oswald in 2013.
Of the estimated $ 1.5 billion damage bill, Mr Pitt said he was hopeful the state would recoup up to $ 1 billion from the Federal Government under the National Disaster Relief and Recover Arrangements but that cash would still need to be paid upfront by Queensland taxpayers.
“This is the potential total cost. Once NDRRA arrangements with the Commonwealth are taken into account, the net cost to Queensland could be around $ 500 million.”