04/04/2023
- The Bahamas has suffered almost triple the amount of hurricane-related losses and economic damage compared to that experienced by other Caribbean countries over the past 20 years, it was revealed yesterday.
The Inter-American Development Bank (IDB), unveiling a $160m “policy based” loan to finance improvements to this nation’s disaster risk management governance, said more frequent and intense storms have cost The Bahamas, its economy and people some $6.7bn in the two decades leading up to 2022.
It pegged that sum as equivalent to more than 50 percent of The Bahamas’ gross domestic product (GDP), or value of its economic output, whereas the loss and damage suffered by Jamaica and Barbados over the same 20 years was estimated at 17 percent and 2 percent, respectively, of their GDPs.
“The economic damage caused by climate-related hazards in The Bahamas, as a percentage of GDP, is higher than in other countries in the Caribbean region. Thus the total damage from disasters in The Bahamas from 2002 to 2022 (over $6.7bn) is equivalent to more than 50 percent of the country’s economy in 2015. Conversely, values for Jamaica and Barbados are 17 percent and 2 percent, respectively,” the IDB report said.
The document reinforces The Bahamas’ extreme vulnerability to hurricanes, weather-related catastrophes and other climate change issues such as sea level rise. When measured in terms of GDP percentages, this nation’s loss and damages are almost three times’ higher on a relative basis when compared to Jamaica. And, in turn, $3.4bn or just over 50 percent of that $6.7bn in total losses and damage was inflicted by Hurricane Dorian in 2019.
“The vulnerability of The Bahamas to climate-related hazards is likely to be further exacerbated by climate change. An IDB report estimates that, taking climate change impact into account, a hurricane with a 100-year return period could cause up to $6bn in economic damages if it were to make landfall in The Bahamas,” the IDB added.
“The report also notes that while a hurricane the size of Dorian has been calculated to occur once every 50-100 years in the past, it is now estimated to occur once every 25 years due to the effects of climate change. Another report estimates that the expected coastal inundation area from a 50-year flood in New Providence will be 15 percent larger by 2050 than it is today due to increased precipitation due to climate change.”
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Source 📌: The Tribune
Photo Credit 📸 : Getty Images
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