Floods Caused $4 Billion Economic Damage in August 2014

According to Aon Benfield, the reinsurance intermediary, global flood events during August 2014 caused $4 billion (US) in economic damage and caused 478 deaths.

In their Impact Forecasting Global Catastrophe Recap for August 2014, Aon Benfield set out some of the costs in damage and lives lost for natural catastrophe events around the world during August 2014. These events include severe weather, earthquakes, hurricanes and droughts, as well as floods.

The earthquake that struck during early August in Ludian County, Yunnan, China, proves one of the most costliest disasters, with economic losses standing at $6.3+ billion, and over 600 people killed.
The earthquake that struck in California on 24 August cost $2 billion in economic losses.

Cost of Flood events in August 2014

The costliest flood event in terms of economic losses was the flooding in the Midwest, Northeast, Mid-Atlantic USA between 11 and 13 August 2014. During that time Detroit metro area was slammed with huge amounts of rain only for parts of Long Island, New York to see 1 foot of rain fall in 9 hours 2 days later. Aon Benfield report economic losses for this flood event stand at around $2 billion, with over 70,000 structures damaged.

China suffered 2 severe flood events during August. Aon Benfield suggest these flood cost $1.2 billion in economic losses.

Other flood events in Asia during August included India, Nepal, Japan, Bangladesh, Cambodia, Pakistan and South Korea. Aon Benfield say that these events caused 573 deaths. The floods in Bangladesh alone caused damage to over 200,000 buildings.

Cars floating in the streets of Busan. Photo: Twitter
Cars floating in the streets of Busan. Photo: Twitter

In Africa, the floods in Niger damaged over 5,000 buildings and killed 18 people.

In Europe the most severe flood events in August 2014 were in Refrontolo, Italy, which caused millions of dollars of damage and killed 4 people, and also Sweden and Denmark, which also caused severe damage costing $ millions.

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See the full report here