Extreme weather events — from devastating floods to scorching heatwaves have wreaked havoc across the globe. A new report reveals the massive cost of these weather-related disasters, as countries grapple with the financial burden of recovery and reconstruction.
The study, commissioned by the International Chamber of Commerce, found that extreme weather fluctuations caused $2 trillion in economic losses over the past ten years.
Not only this but this figure includes – sudden floods to droughts, and also highlights there are countless cities facing destruction frequently. The past two years alone reportedly saw $451 billion in damages.
The United States suffered with $935 billion in losses, whereas, China and India followed closely at $268 billion and $112 billion, respectively. The report further added that Germany, Australia, France, and Brazil are among the top 10 countries and small island nations like Saint Martin and the Bahamas suffered the most impacts.
In a recent turn of events, Spain saw massive destruction due to flash floods and is facing a huge insurance bill. The Consortium for Insurance Compensation estimates it will pay out over €3.5 billion to cover the damage. So far, they’ve received over 116,000 claims, mostly for cars and homes. This could be the most expensive flood event in Spanish history, reports AP.
