India lost $79.5 billion due to natural disasters in the last 20 years: UN Report

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According to a report by the United Nations (UN), India has lost about $79.5 billion due to various natural disasters in the last 20 years. The report titled ‘Economic Losses, Poverty and Disasters 1998-2017’ evaluated the economic losses suffered by various countries in the world due to natural disasters. It also revealed that more than 1.3 million people have lost their lives due to these disasters whereas another 4.4 million have been left injured or homeless due to these disasters.

economic losses

Among the countries named in the report, the United States topped the list with economic losses worth $945 billion due to natural disasters in the last two decades. China took the second position with $492 billion worth of disaster-related economic losses. Japan came in third with losses worth $376 billion caused by natural disasters. India ranks fourth on this list compiled by the UN Office for Disaster Risk Reduction.

The report comes as a warning to all major countries in the world regarding the consequences of climate change. It also noted that nearly 91% of all the natural disasters in the world are climate-related. Among the major disasters witnessed in the world, the report recorded about 7,255 events during this two-decade period. Some of the major disasters witnessed during this period include storms, floods, tsunamis, earthquakes, droughts, etc.

About 53% of the total disasters witnessed during the period between 1998 and 2018 were from high-income countries. Low-income countries, on the other hand, reported only 13% of the total disasters.

The report also raised many other red flags about the impact of climate-related disasters on the economy. Of the $2.7 trillion total losses suffered by the world during this period, climate-related disasters accounted for about $2.2 trillion worth of economic losses. The report also warned about the issues faced by low and lower-middle income countries on their development due to these disasters.

Source: Financial Express

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