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Sri Lanka bears Rs.50bn in disaster damages annually: World Bank

Source(s): EconomyNext - Capital Media (Pvt) Ltd
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Disasters are annually costing Sri Lanka 50 billion rupees, or around 0.4 percent of gross domestic product (GDP) in damages, which requires preventive measures to reduce climate risks, the World Bank said in a report.

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Around 32 billion rupees of damages are from floods. Cyclones and high winds cause 11 billion rupees in losses, while droughts and landslides cause 5.2 billion rupees and 1.8 billion rupees in damages respectively.

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The disasters disproportionately affect the poor, with 77 percent of the population in areas highly vulnerable to floods and droughts employed as smallholder farmers, the World Bank said.

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Tea, rubber and coconuts, key export crops, also face reduced production as they are in areas which experience high rainfall and long dry spells, the World Bank said.

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Themes Financing DRR Preparedness
Country and region Sri Lanka

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