India suffered the second highest loss due extreme climate events in 2021, wracking up nearly $7.6 Billion in damages due to flooding and storms according to the lastest report-- The State of Climate in Asia 2021 by the World Meteorological Organization and the UN Economic and Social Commission for Asia and the Pacific (ESCAP).
80% of Damages in Asia Caused by Flooding
80% of natural disasters in Asia were caused by floods and storms in 2021. This accounted for financial losses worth $35.6 billion. Flooding was reported to have “by far the greatest impact in Asia in terms of fatalities and economic damage.”
This was a glaring indication in the increase in severity of extreme weather events over the last two decades.
In 2021, India suffered economic losses up to $3.2 billion due to flooding. The country was struck by repeated heavy rains and flash floods during the monsoon season from June to September.
India suffered not only in terms of economic damages, but these events led to approximately 1300 casualties.
According to the report, China suffered the most in Asia, with $18.4 billion in damages.
While these statistics only account for flooding the report also emphasised on the impact of storms in continent. These disasters caused $4.4 billion in damages in India, followed by $3 billion in China and $2 Billion in Japan.
The report also highlighted casualties cause by storms and lightening in India, which was up to 800 from various different parts of the country.
Adaptation Finance is Crucial for Vulnerable Countries
ESCAPs Asia-Pacific Disaster Reports from 2021 and 2022 estimates that India would require investments of $46.3 billion in adaptation finance annually.
This is approximately 1.7% of India's GDP.
India is currently not in possession of a separate adaptation fund, most of this money is held in various schemes in agriculture, and rural and environmental sectors.
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