🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Natural disasters cost China $13 billion in January-June

Published 07/11/2024, 10:41 PM
Updated 07/12/2024, 10:41 AM
© Reuters. Rescue workers search for survivors near a damaged house after a landslide hit Liangshui village in Zhenxiong county of Zhaotong, Yunnan province, China January 23, 2024. cnsphoto via REUTERS/ File Photo

By Liz Lee

BEIJING (Reuters) -Natural disasters such as flooding, drought and extreme temperatures cost China 93.16 billion yuan ($12.83 billion) in the first half of this year, with almost 33 million people affected, the government said on Friday.

Heavy snow, 22 strong earthquakes including one of 7.1 magnitude in the northwestern region of Xinjiang, landslides and mudslides in southwestern regions and flooding on the Yellow (OTC:YELLQ) River and in southern provinces all added to the burden.

The 32.38 million people affected included 322 who died or disappeared, the ministry told a news briefing. About 856,000 people faced emergency resettlement, 23,000 houses were destroyed, and around 3.17 million hectares of crops damaged.

The number of people impacted compares with just 48.76 million people for the whole of 2023, when 95 people died or went missing, according to the ministry's report from last year.

The impact on the economy in January-June this year was also worse than the year-earlier period, when the country logged 38.23 billion yuan worth of loss. It was the biggest first-half disaster-related loss since 2019, according to data available on the Emergency Management Ministry website.

China has seen larger swings in temperature breaking historical records in recent years while precipitation - rain or snow - has grown more erratic, signs that point to the impact of climate change on the country's weather.

Funds channelled into disaster management have reached 4.17 billion yuan so far this year, according to a Reuters tally, with 546 million yuan allocated last month for agricultural production and disaster relief.

Long durations of icy weather and intense snow in the winter months severely disrupted people and their livelihoods, ministry spokesperson Shen Zhanli said.

Parts of southern China such as the Guangxi region, Guangdong and Fujian provinces were hit hard by frequent and extreme rains as the annual rainy season began earlier than usual. Dozens have died from floods or rain-induced landslides.

Around the same time, droughts developed quite quickly and covered large areas in the north and around the North China Plain, impacting local agricultural production. At the peak, some 6.2 million hectares of farmland faced moisture shortages compared with the average 2.67 million hectares in other years.

But losses were capped as many of the affected areas had better irrigation and water storage systems, the ministry said.

© Reuters. Rescue workers search for survivors near a damaged house after a landslide hit Liangshui village in Zhenxiong county of Zhaotong, Yunnan province, China January 23, 2024. cnsphoto via REUTERS/ File Photo

The drought season afflicted some 1.29 million people in 10 northern provinces, resulting in an economic loss of 1.46 billion yuan - lower than the average for the same period.

With the summer flood season approaching, all kinds of risks have increased significantly, the ministry said, emphasising the need for a greater sense of responsibility and urgency over safety, disaster prevention and mitigation as well as relief work.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.