Munich [Germany], November 9: Damage caused by severe storms and flooding has multiplied in major industrialized nations since 1980, according to the world's largest reinsurer, Munich Re.
The United States tops the disaster ranking of the 10 largest economies in the world with $2.7 trillion in damage, followed by China with $680 billion, according to an analysis published earlier in the week by the German insurer's geoscientists.
Despite the high total measured in terms of national gross income, the damage in China has fallen in recent decades thanks to improved flood protection, according to the analysis, which was published on Thursday ahead of the upcoming United Nations Climate Change Conference in Brazil.
Germany, where damage has increased around fivefold, is one of the hardest-hit nations, according to Munich Re. The company estimates the total damage caused by storms and floods in Germany from 1980 to 2024 at $210 billion, putting it on a par with India in third place.
In the US and Germany there has been a sharp increase in the damage when measured in terms of gross national income. In Germany the devastating Ahr Valley floods in 2021 contributed significantly to this, causing $42 billion in damage alone.
Extreme weather events could erode the economic substance of even the largest economies, chief geoscientist Tobias Grimm and his colleagues wrote. According to the report, there have also been sharp increases in extreme weather damage in Canada, Italy and France, and somewhat less pronounced increases in India, Japan and Brazil.
Source: Qatar Tribune
