World Bank, UN: Global disaster costs could triple by 2100
Friday, 12 November 2010, 06:18 IST
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Washington: The cost of natural disasters could triple to $185 billion annually by the end of this century if more is not done to improve countries' responses to Mother Nature's threats, according to a joint World Bank and United Nations report Thursday. The number of people in the path of storms and earthquakes was forecast to double to 1.5 billion as populations migrate toward bigger urban centres, where disasters inflict higher casualties, the report found. The cost estimate does not include the impact of global warming, which the World Bank believes could add anywhere from $28 billion to $68 billion to the price tag from the threat of stronger storms alone. But measures that would give populations greater protection from natural threats like hurricanes, earthquakes and flooding were "almost stunning in their simplicity" and would reduce costs in the long run, the report said. World Bank President Robert Zoellick said the findings provided "necessary evidence and a compelling case for our client countries to reduce their vulnerability to natural hazards so that they can develop in sustainable and cost-effective ways". The report recommended making more information available to people on the risks of where they chose to build homes, and investing more money in the day-to-day upkeep of basic infrastructure. It recommended improving property rights, such as giving land titles that make people more confident they will keep their homes, encouraging them to build better structures.
Source: IANS
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