Large swathes of Delhi and north India were left inundated earlier this month amid torrential rainfall. The inclement weather had left tourists and locals stranded, washed away houses and roads and caused staggering losses to public and private property. According to early estimates this month’s weather patterns have led to a loss of at least ₹10,000 crore.
“While the current status of economic loss due to these floods is yet to be estimated still we believe this in the range of ₹10,000 to 15,000 crore,” an ecowrap issued by SBI Research said on Monday.
The recent north India floods had severely affected Himachal Pradesh, Uttarakhand, Punjab, Uttar Pradesh, Rajasthan, Jammu and Kashmir, and Delhi. India has also incurred massive financial losses as the Biparjoy cyclone swept throught Gujarat earlier this year.
“In Himachal Pradesh roads, transformers, electric sub-stations and water supply schemes has suffered extensive damage. As per an initial estimate, the loss could in the range of ₹3,000-4,000 crore,” the ecowrap added.
Meanwhile, Himachal Pradesh Chief Minister Sukhvinder Singh Sukhu on Monday expressed concerns over the possibility of nearly ₹5,000 crore in losses due to floods in the state. Compensation of ₹1,45,000 has already been provided to those whose houses were completely damaged and ₹1 lakh to those with partially damaged houses.
India has been ranked third, after the US and China, in recording the highest number of natural disasters since 1900. According to data compiled within the SBI report, the country has seen 764 natural disasters since 1900 – mostly floods and storms. Since 2001, as many as 100 crore people have been impacted, and almost 85,000 people lost their lives.
(With inputs from agencies)
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Updated: 18 Jul 2023, 12:18 AM IST