Loses due to Yolanda estimated at $15B – report

A Bloomberg report estimates that losses from Typhoon Yolanda (international codename Haiyan) could reach as much as $15 billion (around P650 billion), making it one of the most expensive disasters in Philippine history. That amounts to about 5% of the country’s gross domestic output (GDP), said the report, which quoted figures from Charles Watson, director of research and development at US disaster modeling firm Kinetic Analysis Corp. In the Bloomberg report, Watson said Yolanda’s impact is “catastrophic” and could be several times worse for the Philippines than superstorm Sandy was for the US.


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