The floods in the south of Brazil have caused losses of $14.7 billion.
Catastrophic floods in Rio Grande do Sul, Brazil's southernmost state, have resulted in devastating economic losses estimated at $14.7 billion. The unprecedented rainfall, exacerbated by El Niño and climate change, has severely impacted agriculture, infrastructure, and local communities, marking one of the most significant natural disasters in Brazil's recent history.
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The floods in the south of Brazil have caused losses of $14.7 billion.
The devastating floods that have hit this year in the State of Rio Grande do Sul, southern Brazil, have led to losses estimated at 88.9 billion reals ($14.7 billion), according to a report assessing the impacts of this climate catastrophe. This document, prepared by the Inter-American Development Bank (IDB), the Economic Commission for Latin America and the Caribbean (ECLAC), and the World Bank, was presented Thursday at the Brazilian Ministry of Integration and Regional Development.
It also proposes measures for rebuilding resilience in this state, struck in April and May this year by the worst floods in its history, affecting 90% of the territory and 2.4 million people. The disaster left 183 people dead and 27 missing. The report attributed 69% of the losses in the productive sector (61 billion reals), while 21% are in the social sectors (19 billion reals), 8% in infrastructure (7 billion reals), and 1.8% in the environment (1.6 billion reals).
The floods are expected to lead to a contraction of 1.3% of the state GDP in 2024 and the loss of 432,000 jobs, or 7.3% of the active population registered at the beginning of the year.
The emergency measures adopted by the Brazilian authorities, such as financial transfers to the affected population and investment in the local infrastructure, have allowed us to limit the economic consequences. According to the report, the losses would reach 2.4% of GDP without these interventions.
The report insists on improving the resilience of infrastructure systems and disaster management. Among the recommendations are the construction of structures resistant to flooding, such as dikes and drainage systems; the improvement of early warning systems and emergency management; the update of the maps of at-risk areas; and the prohibition of reconstructions in the most vulnerable regions.
Since the beginning of the crisis, the federal government has stepped up its efforts to respond to the emergency and initiate long-term projects. In May, the IDB announced a credit line of 5.5 billion Brazilian reals to support the reconstruction of the state.
