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Dominican Republic could experience damages in natural disasters costing at least US$1.68 billion every 20 years

According to a study called “Financial Management and Risk Insurance for Disasters in the Dominican Republic,” the Dominican Republic could experience damages in natural disasters costing at least US$1.68 billion (2.7% of GDP) every 20 years.

In the report, which is based on historical data, the average annual cost to the country, mainly due to damage by floodwaters, is around US$420 million (0.69% del GDP).

The report analyzes that the probability of a disaster reaching US$1.68 billion or more in any one year is 5% and that in extreme cases, such as hurricanes, damages could exceed US$2 billion (3.3% of GDP).

The National Budget for this year has a fund of more than RD$594 million for natural disasters.

According to the study, the impact of Hurricane George in 1998 was around US$2.62 billion, and the storms Noel and Olga in 2007 are estimated at 1.2% of GDP and a cost US$437 million.

Source: DR1, Listindiario

Sep 26, 2017

Category: DR News |

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Last updated November 19, 2017 at 11:32 PM
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