UN: $2.5 Trillion in Disaster Losses Since 2000

UNITED NATIONS (AP) – A U.N. report says economic losses from disasters since 2000 are in the range of $2.5 trillion, a figure at least 50 percent higher than previous international estimates.

The U.N. Office for Disaster Risk Reduction warned that economic losses from floods, earthquakes and drought will continue to escalate unless businesses take action to reduce their exposure to disaster risks.

U.N. Secretary-General Ban Ki-moon launched the report Wednesday saying the review of disaster losses in 56 countries clearly demonstrates that “economic losses from disasters are out of control” and can only be reduced in partnership with the private sector.

“Our startling finding is that direct losses from floods, earthquakes and drought have been underestimated by at least 50 percent,” Ban said.