Climate disasters cost India $79.5b in two decades
INDIA suffered a whopping $79.5 billion economic loss due to climate-related disasters in the last 20 years, according to a UN report which highlights the impact of extreme weather events on the global economy.
The report titled ‘Economic Losses, Poverty and Disasters 1998-2017’ was compiled by the UN office for disaster risk reduction. It states that the years between 1998 to 2017 have seen a dramatic rise of 151 per cent in direct economic losses from climate-related disasters. In terms of the impact of disasters on the global economy between 1998 and 2017, affected countries reported direct losses of $2.908 trillion, more than twice of what was lost in the previous two decades. Illustrating the growing threat from climate change, extreme weather events now account for 77 per cent of total economic losses of $2.245 trillion, said the report.
This represents a dramatic rise of 151 per cent compared with losses reported between 1978 and 1997, which amounted to $895 billion. The greatest economic losses have been experienced by the US at $944.8 billion, followed by China at $492.2 billion, Japan at $376.3 billion, India at $79.5 billion and Puerto Rico at $71.7 billion.