Cities May Face Increased Losses from Floods

FloodsA new study carried out by a group of economists has claimed that a total of 136 biggest coastal cities were in need of increasing their defenses, dramatically. Since, around $US1 trillion ($A1.1 trillion) could all together be annually lost by them by 2050 due to floods.

According to economist Stephane Hallegatte from World Bank, the yearly losses at present were at $US6 billion. The report has been published in the journal Nature Climate Change.

It has been told that four cities, including New Orleans in the US, Guangzhou in China, New York and Miami, incurred almost 43% of the total costs.

It is being projected that there could be a nine times increase in the losses to $US52 billion a year, if cities improve the defense to carry the flood risk to present levels.

A loss risk scenario was composed by the team on the basis of city population growth and distinct levels of sea level rise, subsidence and protection upgrades. By subsidence, the report means the sinking of surface areas, which is usually associated with oil extraction or mining of other ground resources.

"With no adaptation of flood protection, the projected increase in average losses by 2050 is huge, with aggregate losses increasing to more than $US1 trillion per year", affirmed the study.