The Negative Effects Of Natural Disasters

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Natural disasters can be traumatic and often heart-breaking for many individuals and there is no way to predict when and where these tragedies will strike. Towns, personal property, and even lives can be lost due to Mother Nature’s wrath. Hurricanes, tornadoes, earthquakes, blizzards, floods, wildfires and draughts are just a few of the natural occurrences that create both individual suffering but economic hardship. Businesses suffer, unemployment rates rise, crops are destroyed, trade is reduced, and fewer taxes paid all due to an unplanned natural catastrophe. Regardless of the type of cataclysm, the aftermath has the potential to cost the economy billions of dollars.
Natural disasters have the ability to cause …show more content…

The total cost of these events combined was over $1 trillion (“Billion-dollar weather and,”). While the long-term effects are hard to determine, the short-term issues impact individuals and business by causing them to assume a good deal of losses (Gottesdiener, 2011). The graph outlines the increasing costs caused by natural disasters in the past few decades. With the effect of global warming taking hold, it is doubtful that these numbers will decrease in years to …show more content…

In 2010-2011, earthquakes in New Zealand proved to be the most destructive disaster in a high-income country and the losses of property and buildings alone amounted to 10-20% of New Zealand’s gross domestic product (Noy, 2012). In October 2011, a flood in Thailand resulted in $40 billion dollars’ worth of losses; the most expensive disaster in the country’s history. Economists have estimated that this flood alone caused the global economy to be set back by 2.5% (“Counting the cost,” 2012). One earthquake in Chile brought the world’s copper production to a halt and caused international inflation of prices (Elmerraji,

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