LONDON (REUTERS) - Worsening droughts, storms and torrential rain in some of the world's largest economies could cause US$5.6 trillion (S$7.8 trillion) in losses to the global economy by 2050, according to a report released on Monday (Aug 29). Read more at straitstimes.com.
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 US$224 billion, according to the Emergency Events Database maintained by the Brussels-based Centre for Research on the Epidemiology of Disasters.
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 programme. Using global insurance data and scientific studies on how extreme events can affect different sectors, the team estimated the amount of losses countries face in terms of immediate costs as well as to the overall economy.
Of the five business sectors most vital to the global economy, manufacturing and distribution would be hit hardest by disasters costing US$4.2 trillion as water scarcity disrupts production while storms and floods destroy infrastructure and inventory.
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