Southern China counts cost of Typhoon Mangkhut – and more billion-dollar storms
Death tolls are down but damage bills are up as population and development pressures leave the region more exposed to disaster
The financial toll from the most powerful typhoon to hit China this year could be in the billions of yuan, officials and analysts estimate, adding to the ever-growing economic cost storms are taking on the country’s coastal areas.
In addition to the four people dead in Guangdong province and the more than 100 dead or missing in the Philippines, China Insurance News reported on Tuesday that more than 140 million yuan (US$20.4 million) in damage claims related to Typhoon Mangkhut had been submitted from Shenzhen alone and another 540 million yuan from the rest of Guangdong province before noon on Monday.
Mangkhut made landfall in southern China on Sunday and by Monday night the Guangdong government estimated the direct economic losses for the province were at least 4.2 billion yuan. In Guangxi, the damage bill was about 51.75 million yuan, well below some forecasters’ expectations.
The China Meteorological Administration said it expects will Mangkhut continue to weaken and be over by Wednesday.