Flooding to cause Nigeria, others $535b losses yearly

Losses from urban property damaged by riverine floods in Nigeria and the rest of the world could rise from $157 billion to $535 billion yearly, according to the Washington-based World Resources Institute (WRI).

The institute stated that urban property damaged by coastal storm surges will increase 10-fold to $117 billion a 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.

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 by $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.