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Natural disasters cost $520 billion a year of consumption loss, World Bank says

Global natural disasters cost $520 billion of consumption loss annually, 60 percent larger than asset losses that are commonly reported, the World Bank said in a report.

By David Roman, Melissa Cheok | Updated on March 02, 2017
Debbie Loughridge's damaged home and car are seen among debris in Naplate, Ill., Wednesday, March 1, 2017. Loughridge and her son rode out the storm in the bathtub. "All I heard was the wind and the breaking glass. Like an explosion of glass," she said. In the small community of Naplate, next to Ottawa, about a quarter of the roughly 200 homes were damaged, Fire Chief John Nevins said. (AP Photo/Teresa Crawford)

(Bloomberg) – Global natural disasters cost $520 billion of consumption loss annually, 60 percent larger than asset losses that are commonly reported, the World Bank said in a report.

The estimate is based on the impact of disasters such as floods, windstorms, earthquakes, and tsunamis on people’s well-being, measured by the decline in their consumption, Stephane Hallegatte, one of the authors of the report which was released on Wednesday, said in an email.

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