Extreme weather brings $200 billion in losses over past decade

Red areas on the map reflect the heaviest damage (Credit: ASI/NASA/JPL-Caltech)

The World Bank reported on Nov. 18 that global economic losses due to extreme weather have reached nearly $200 billion annually for the last ten years, according to Reuters.

Comparatively, losses from weather events in the 1980s cost the global economy about $50 billion each year. The World Bank report stated that economic impact of disastrous weather on developing countries is ten times higher than the average impact for high-income countries.

The report comes amid the aftermath of Typhoon Haiyan, a powerful storm that killed more than 3,900 people when it hit the Philippines on Nov. 8.  United Nations scientists warn that extreme weather events such as floods, droughts and storms will likely increase in severity and frequency over the next century.

Image: Red areas on the map reflect the heaviest damage to the Philippines from Typhoon Haiyan (Credit: ASI/NASA/JPL-Caltech)