Floods in India: Economic loss estimated to be up to ₹15,000 crore says SBI report

The recent floods in Northern India in states such as Uttarakhand and Himachal have caused significant devastation. Prior to these floods, it was Cyclone Biparjoy which hit Gujarat. The economic impact of such natural disasters is massive.

While the current status of economic losses is yet to be estimated, a report by SBI suggests that the losses due to floods and natural disasters could be believe in the range of from ₹10,000-15,000 crore.

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India has been ranked at the 3rd position, after US and China in recording the highest number of natural disasters since 1900, says the report.

The report also says, "India recorded 764 instances of natural disasters since 1900 with 402 events occurring during 1900-2000 and 361 during 2001-2022, indicating the preponderance of tail events at an alarming frequency and each such event setting new records of economic stress. By disaster type, India is marred mostly with floods. Almost 41% of disasters occurred in the form of floods followed by storms."

The heavy toll on infrastructure due to these type of natural disasters is a matter of grave concern for a country like India where the locational and geographical features render it vulnerable to a number of natural hazards.