Flooding and other water risks could wipe $5.6trn from GDP by 2050

Using a bespoke model, GHD has measured the damage of increased rainfall (which in turn, increases storm and flood risks) as well as longer, hotter drought periods, and wildfires. Results showed storms to have the biggest economic impact (49%), followed by flooding (36%) and drought (15%).

Loss varied by country and region depending on the state of the area’s infrastructure, local climate and geographic features, dominant industries, and local prevention systems, including existing government policies. Australia, the Philippines, and the US were expected to suffer an average economic decline of 0.5% to 0.7% in annual GDP in the years leading

Read More>>