Natural catastrophes, $112 billion in losses (cross-border guide)

Context

In a nutshell

• Heat waves have had a direct influence on labour productivity, which then has an impact on energy prices.
• According to the source, losses from natural disasters have been estimated at nearly $112 billion.
• Of these losses, only $44 billion was covered by insurance.

The economic consequences

Heatwaves, floods and storms have caused significant damage to national and international economies. According to a recent report, losses from natural disasters have been estimated at nearly $112 billion. These figures are only a small part of the story, as actual estimates could be much higher.

Switzerland, a case study

Switzerland, known for its economic stability, is not immune to these losses. Alpine regions, such as the Valais and Graubünden, have been particularly affected by flooding and landslides. According to local sources, losses from natural disasters in these regions have been estimated at around 2.5 billion Swiss francs.

Insurance coverage

Insurance coverage for natural disasters is an important aspect to consider. According to the source, only $44 billion of the total losses were covered by insurance. This means that businesses and families have been forced to cope with the consequences of natural disasters without the protection of insurance.

Concrete examples

Here

Operational details

Key facts

• What: Heat waves have had a direct influence on labor productivity.
• When: The first half of the year.
• Where: Europe and North America.
• Who: Robert Koch Institute (unspecified).
• Amount: 112 billion dollars (losses due to natural disasters).

Natural catastrophes, $112 billion in losses

The heatwaves that hit Europe and North America during the first half of the year had a significant impact on labour productivity. According to a report by the Robert Koch Institute, losses from natural disasters amount to about $112 billion. This is an increase over previous estimates and underscores the severity of the situation.

Switzerland, in particular, has not been exempt from these heatwaves. The canton of Zurich recorded record temperatures in July, with a peak of 38.4°C recorded on 19 July. This caused significant public health problems and had an impact on work productivity.

In Switzerland, the 1983 Law on the Protection of the Environment (Law on Sustainable Development, LSS) was updated in 2013 to include stricter measures to reduce greenhouse gas emissions. The goal is to reduce greenhouse gas emissions by 50% by 2030 compared to 1990 levels.

Here are some concrete examples of how heatwaves have affected Switzerland:

• Zurich: record temperatures have

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Key points

Natural catastrophes, $112 billion in losses

Heat waves have had a direct influence on labour productivity, which then has an impact on energy prices. According to the source, losses from natural disasters have been estimated at nearly $112 billion. Of these losses, only $44 billion was covered by insurance.

Switzerland, in particular, has been hit by several extreme weather events in recent years. In 2022, a heatwave hit the canton of Zurich, killing 7 people and damaging more than 10 million francs. 📊

According to a report by the Federal Office for the Environment, the economic damage caused by heatwaves in Switzerland was estimated at over CHF 1.5 billion in 2022. This value includes the costs of lost productivity, the costs of treating patients, and the costs of repairing damage caused by heat waves.

Heatwaves are just one of the extreme weather events that are increasing in Switzerland. Other events, such as floods and thunderstorms, are causing increasingly severe damage. In 2021, a thunderstorm hit the canton of Graubünden, killing 5 people and damaging more than 20 million francs.

Swiss regulations on natural disaster insurance were amended in 2020. New legislation requires insurance companies to cover at least 50% of damages

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Source: laregione.ch