China absorbs $13b loss in natural disasters in H1 2024

The government has allocated $570m for disaster management this year.

China’s natural disasters have cost the economy $12.83b in the first six months of the year (H1 2024), with nearly 33 million individuals affected by flooding, drought or extreme temperature, Reuters reported.

Events included heavy snow, 22 strong earthquakes, landslides, and flooding. The disasters resulted in 322 deaths or disappearances, 856,000 emergency resettlements, 23,000 houses destroyed, and 3.17 million hectares of crops damaged.

The economic impact was worse than last year's, marking the biggest first-half loss since 2019.

Climate change has intensified China's weather patterns. The government has allocated $570m (CNY4.17b) for disaster management this year.

($1.00 = CNY7.26)

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