Fairval

Notes on Indian equities, sectors and economy

Natural Disasters Hit Record in 2005

Posted by fairval on October 14, 2006

WASHINGTON, DC, October 12, 2006 (ENS) – The world suffered record economic losses from natural disasters in 2005, which killed more than 90,000 people and affected the lives of more than 150 million, the World Bank reported Wednesday. The new report from the international financial and development organization warns that the impacts from natural disasters will continue to increase unless governments develop comprehensive hazard approaches to better mitigate and reduce disaster risks.

The study “Natural Disaster Hotspots: Case Studies” was compiled by the World Bank and Columbia University and found that the 360 natural disasters in 2005 caused $159 billion in damages – a 71 percent increase over the total losses in 2004. Hurricane Katrina alone caused $125 billion of the economic losses in 2005, the report said.

And now 2006 appears to be a year of droughts. Australia is having its worst drought in 100 years and China its worst in 50 years

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