Pakistan says World Bank estimates floods caused $40B in damages

Islamabad, The Gulf Observer: Pakistan said that the World Bank estimates this summer’s record-breaking floods have caused $40 billion in damages in this South Asian nation.

The figure is $10 billion more than an earlier estimate by the Pakistani government, reports AP.

The rains triggered unprecedented floods that at one point left a third of the country’s territory submerged, forcing hundreds of thousands of people to move to safer places.

The new assessment came during a meeting in the capital, Islamabad, between Prime Minister Shahbaz Sharif and experts on climate change. There was no immediate word from the World Bank on the new estimate.

The flooding, which experts say is made worse by climate change, has killed 1,719 people and affected 33 million since mid-June. The waters have damaged or washed away 2 million homes.

Sharif’s government last month offered an estimate of $30 billion from the floods but cautioned that the real figure may be far higher.

A final report on the damages is yet to be finalized with the help of international aid agencies and lending institutions, including the World Bank.

The United Nations has revised its appeal for aid for Pakistan five-fold, to $816 million, from the initial $160 million, saying recent assessments about the damages caused by floods pointed to the urgent need for long-term help, lasting into next year.