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World Bank estimates Pakistan floods caused 40 billion dollars of damage

Christian Fernsby |
Pakistani officials have said the World Bank estimates this summer’s record-breaking floods have caused the country 40 billion US dollars of damage.

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The figure is 10 billion dollars (£8.8 billion) more than an earlier estimate by the Pakistani government.

Cash-strapped Pakistan was already facing a serious financial crisis before the heavy monsoon rains hit in mid-June.

The rains triggered unprecedented floods that at one point left a third of the country’s territory submerged, forcing hundreds of thousands of people to move to safer places.

The new assessment came during a meeting in the capital, Islamabad, between Prime Minister Shahbaz Sharif and experts on climate change. There was no immediate word from the World Bank on the new estimate.

The flooding, which experts say was made worse by climate change, has killed 1,719 people and affected 33 million since mid-June. The waters have damaged or washed away two million homes.

Mr Sharif’s government last month offered an estimate of 30 billion dollars (£26.4 billion) from the floods, but cautioned that the real figure may be far higher.

A final report on the damages is yet to be finalised with the help of international aid agencies and lending institutions, including the World Bank.

The United Nations has revised its appeal for aid for Pakistan five-fold, to 816 million dollars (£720 million), from the initial 160 million (£141 million), saying recent assessments about the damages caused by floods pointed to the urgent need for long-term help, lasting into next year.


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