MANILA, Philippines – The total economic impact of super typhoon "Yolanda" in the country may reach $14 billion (P604 billion), according to a Bloomberg report.
Citing Kinetic Analysis Corp., Bloomberg Industries senior analyst Jonathan Adams said the insured portion of the amount is around $2 billion.
Kinetic Analysis Corp. is a company involved in impact forecasting and risk assessment for catastrophic events.
The typhoon caused the most damage in Eastern Visayas, where rice and sugar are produced.
According to Commodity Weather Group (CWG) in the US, as much as 20 to 25 percent of the rice and sugar producers in those areas may be damaged.
“Winds were so intense in this system that a lot of the crop is just going to be flattened,” CWG agricultural meteorologist David Streit told Bloomberg.
A state of national calamity was declared by President Benigno Aquino on Monday night, to fast-track delivery of aid and basic services.
Aquino said around P18.7 billion in government funds can be used to help victims and rebuild communities. He said 22 countries, as well as foreign aid organizations and the private sector, are helping in the relief efforts.
As of Monday night, the National Disaster Risk Reduction and Management Council said 1,774 were reported killed in the typhoon, with thousands more feared dead. A total of 2,487 were reported injured.
source: www.abs-cbnnews.com
