Colombo (News 1st): Research by the Asian Development Bank has found that Sri Lanka spends US$ 19 million that is approximately Rs. 3.4 billion annually on healthcare due to floods and droughts. While the total cost of expenditure borne by the local government due to the ongoing floods is yet to be determined, a report published by the Ministry of Disaster Management revealed that total damages and losses across five districts, owing to the severe floods and landslides in May 2017, amounted to approximately Rs. 70.4 billion.

While losses and damages can be quantified, the opportunity costs and other hidden costs incurred by the country due to climate change and natural disasters will only reflect in the country’s long term growth. The 2019 Long-Term Climate Risk Index, published by Germanwatch, has identified Sri Lanka as the second-most vulnerable nation to climate change, coming just behind Puerto Rico.

Economists warn weather changes will result in lower per capita consumption levels that could further increase poverty and inequality across the country and much of South Asia.

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