Flooding will cost Nigeria and others $535 billion per year

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According to the World Resources Institute in Washington, annual losses from riverine floods in Nigeria and the rest of the world could range from $157 billion to $535 billion (WRI).

According to the institute, the value of urban property damaged by coastal storm surges will increase tenfold to $117 billion per year.

In its report, the institute indicated that Puerto Rico, Pakistan, Nigeria and other countries have faced devastating flooding in recent weeks,warning that it would only worsen as climate change intensifies.
According to the institute, flooding has caused more than $1 trillion in losses globally since 1980, and the situation is poised to worsen.

WRI data found that the number of people affected by floods will double worldwide by 2030, due to rising temperatures and socio-economic factors.

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According to it, the number of people affected by riverine floods will rise from 65 million in 2010 to 132 million in 2030, and the number impacted by coastal flooding will increase from seven million to 15 million. This, it noted, was not only a threat to human lives, but also to economies.
It noted: “Climate change will intensify rainfall and coastal storm surge in some parts of the world, putting more people in harm’s way. In Puerto Rico, for instance, climate change will be the number one driver of increased flood risk. By 2030, the expected annual population affected by riverine floods will double, while the expected annual damage to urban properties will increase $340 million. Heavier rains inland will drive around 51 percent of this increase.”

According to it, investing in protective measures such as levees and dikes is not only important for safeguarding millions of people and their homes and businesses, but also to help grow economies.

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