According to risk modelling company RMS, the disastrous floods that struck Pakistan in 2022 were the tenth most expensive climatic disaster to strike a country in the previous ten years.
Over 1,700 people died, 8 million were left homeless, and the floods cost the nation an estimated $3 billion.
8 Million Displaced
RMS said in its remark that poor nations like Pakistan, where about eight million people were displaced, frequently suffer the burden of catastrophic weather disasters.
The company conducted a survey to determine the top 10 natural disasters that affected humanity in the last ten years.
The study was conducted against the backdrop of discussions at the COP27 climate summit, held last week in Egypt, to devise a “loss and damage” system that would quantify the degree of damage incurred by a nation as a result of climate change.
Read More | Umrah Package in 2023
The meeting also covered strategies for allocating funds to underdeveloped nations so they can deal with a disaster’s aftermath.
Natural Calamities With Highest Fiscal Toll
The California wildfires of 2017–18, with damages projected to reach approximately $328.5 billion, were the most expensive calamity of the previous ten years. This was followed by the $297 billion in losses caused by the Atlantic storms Harvey, Irma, and Maria in Florida, Texas, Puerto Rico, and the Caribbean in August and September 2017. The 2019–20 Australian bushfires cost $110 billion.
The top ten list included Japanese typhoons Faxai and Hagibis from August to October 2019, this summer’s European heatwave, and the North American heatwave from summer 2021. This year’s Hurricane Ian, which hit Florida in September 2022, Hurricane Ida, which hit Louisiana, New Jersey, and New York in August 2021, and floods in Germany and Belgium in July 2021 also made the list.