Floods may cost South Asia $215 billion a year by 2030
By Archana Chaudhary and Bibhudatta Pradhan
As global attention focused on hurricanes Harvey and Irma, more than 41 million people across South Asia battled floods and displacement.
From Afghanistan in the west to Bangladesh in the east, floods could cost South Asia -- home to a fourth of the world’s people -- as much as $215 billion each year by 2030, according to the World Resources Institute’s global flood analyzer launched in 2015.
“Companies with operations on coasts, next to large rivers, on low-lying flood plains and in urban areas with poor drainage and sanitation are at greatest risk,” said Tom Hill, executive director, crisis and security consulting, at Control Risks in New Delhi. "More rain and extreme weather will not only hit businesses in South Asia, but also global companies that source their products and raw materials from the region."
At least 1,200 died last month as water swamped cities like India’s financial capital Mumbai, its technology hub, Bengaluru, Bangladesh’s capital Dhaka, Pakistan’s financial heart, Karachi, as well as swathes of Nepal and India’s eastern states of Bihar and Assam. In the coming decade, devastating floods are expected to increase as changing weather patterns worsen risks in the region, climate researchers say.