Natural disasters cause up to 2.3 billion dollars in real economic losses, ten times more than what is calculated as direct costs due to the multiplier effects they have and the damage that causes ecosystems, reveals a report produced by the United Nations and made public this Tuesday.
The study warns that these costs will continue to grow as the climate crisis intensifies and that developing countries will carry the worst part, among other reasons for the debt they must contract to cover the response and rehabilitation expenses that have to incur after each catastrophe.
Likewise, it shows how the decisions that are made now, especially in terms of territorial planning, investments and energy model, will determine the exposure of populations to future risks.
One of the most alarming examples mentioned is the rapid melting of the Thwaites glacier (Antarctica), which could cause an increase in sea level of more than half a meter, which in turn would threaten coastal infrastructure that have a value of more than 1.8 billion dollars.
In addition, such a situation would seriously affect island states such as Kiribati and the Marshall Islands, as well as coastal megacities such as New York or Yakarta, the report indicates.
Another effect of the increase in the frequency and intensity of natural disasters is the increase in the costs of insurance premiums, the decrease in coverage and that insurance companies begin to withdraw from certain places because they do not find it profitable to continue offering insurance there.
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Natural disasters cause ten times more economic losses than calculated
An example of this is happening in Australia, where more than half a million homes could be left without insurance in 2030 due to the important risk of floods.
Faced with this scenario, the report shows that resources are still mostly allocated to the emergency response: 96% of the 137,000 million dollars destined for development assistance related to disaster between 2005 and 2017 was used in relief, reconstruction and rehabilitation.
Only 4% (about 5.2 billion) was invested in prevention and preparation, the report requires.
Among the greatest inequalities that the report exhibits the attention that the direct losses of 69,570 million dollars suffered in 2023 due to disasters in North America represented only 0.23% of its GDP, while the losses of 4.3 billion recorded in micronsia equalized that same year to 46.1% of its GDP.
“This demonstrates the enormous relative weight of disasters in small and vulnerable economies,” warns the UN.
The conclusions of this report will be debated at a meeting that will hold the global platform for disaster risk to define strategies that promote effective investments in prevention and disaster adaptation in Geneva.
With EFE information.
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