The economic damage caused by natural disasters

The 2018 Red Cross World Disasters Report, released a few weeks before Queensland faced catastrophic fires and Sydney saw deadly flooding, has revealed that Australia’s damage bill for natural disasters over the past decade has come in at $37 billion. According to the report, Australia’s bill is the 10th most expensive in the world, while the USA, China, and Japan face the highest disaster-related costs. The report also noted that costs are likely to increase as climate change leads to more frequent and more intense weather disasters. According to research from Deakin University released last year, natural disasters are expected to cost the Australian economy $33 billion per year by 2050.