Flood losses may cross $40b

Pakistan on Monday feared that floods might have caused over $40 billion in economic losses and damages as the National Flood Response Coordination Centre (NFRCC) dismissed the initial assessment of $18 billion. The $40 billion losses were flagged in a flood response centre meeting during discussion on an interim report titled “An Early Assessment of Flood Impact on Pakistan’s Economy”, presented by the Ministry of Finance. Planning Minister Ahsan Iqbal heads the NFRCC – a joint civil-military body set up to monitor and coordinate relief and rehabilitation work. “The devastating conditions suggest that the scale of flood losses is in the range of $30 billion to over $40 billion,” said Iqbal, Chairman NFRCC, while talking to The Express Tribune. It is for the first time that the $40 billion loss estimate has been given, which is three times more than the initial estimate of $10 billion to $12 billion. The new number is even far higher than the $30 billion figure given by United Nations Secretary General Antonio Guterres last week. “We are going through the process of a comprehensive assessment of flood damages with the help of World Bank, Asian Development Bank, provincial and federal governments,” said Iqbal.