Natural Disasters Cost $3.8 Trillion Since 1980, World Bank Says

http://www.motherjones.com/blue-marble/2013/11/natural-disasters-cost-38-trillion-1980-world-bank-says

Aid agencies are still digging through rubble in the Philippines in the wake of Typhoon Haiyan, which was just one of many record-smashing oceanic storms to spring up in the last decade. Insurance adjusters have already pegged Haiyan’s price tag alone—counting damage to homes, businesses, and farms—at $14.5 billion. Today, as politicians and policy wonks dive into a second week of UN climate talks in Warsaw, the Philippines’ lead delegate has called for developed nations whose industrial emissions drive climate change to foot the bill for disasters like this. It could be one hell of a bill: Natural disasters altogether have cost the world $3.8 trillion since 1980, according to a new report from the World Bank.

Using data from Munich Re, the world’s largest reinsurance (insurance for insurers) agency, World Bank analysts found that 74 percent of that cost arose from weather-related disasters like hurricanes and droughts. They also found, as the chart below shows, that annual costs are on the rise, from around $50 billion a year in the 1980s to $200 billion a year today, thanks to a rising number of disasters and growing economic development:

World Bank

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