Natural disasters costs mount to over €3.2 billion for Australia in 2022

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Natural disasters costs mount to over €3.2 billion for Australia in 2022.
Natural disasters costs mount to over €3.2 billion for Australia in 2022. Photo by Johan Larson Shutterstock.com

Australia suffered four major flooding in 2022 which cost the state over A$5 billion (€3.2 billion), as billions more forecast in spending during 2023 

Natural disaster in Australia, including flooding, have cost its state in estimated €3.2 billion in 2022, as the impact has also resulted in increasing inflation.  

According to a report in Reuters on Thursday, January 12, this was announced the country´s Treasury, adding, as per forecasts, billions more are expected to be spent in 2023 as well.  

“We’ve put that number out there really just as a reminder that even though we are rightly focused on the human cost of these natural disasters, which are becoming more and more frequent, there is a cost to the economy as well and a cost to the budget,” said Jim Chalmers, Australian treasurer, as cited in the report.  

Four major episodes of flooding were witnessed by Australia in 2022.  

As per an estimate made by global reinsurer Munich Re cited in the report, flooding during February and March in 2022 across northern New South Wales, was the costliest global disaster of the year. Over 20 people were killed during this floods.  

Calmers also said that due to flooding, the already high rate of inflation in Australia, increase even further to record levels. “Washed out crops and disrupted logistics contributing to a 16.2% rise in fruit and vegetables prices compared to the pre-COVID decade average of 2.5%.” 

The treasury now believed that after the forecasts, further increase in the country´s inflation is expected as fresh food prices are going to continue rising.  


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