Natural disasters push 26m into poverty each year, says World Bank

Study finds floods, storms and droughts cost global economy $520bn a year and highlights need to tackle climate change

Floods, earthquakes, tsunamis and other extreme natural disasters push 26 million people into poverty each year and cost the global economy more than half a trillion dollars in lost consumption, the World Bank has said.

A bank study of 117 countries concluded that the full cost of natural disasters was $520bn (416bn) a year - 60% higher than any previous estimate - once the impact on poor people was taken into account.

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