Flood-related losses may exceed $10 billion: Ahsan Iqbal

Planning Minister Ahsan Iqbal said that the initial economic losses caused by the floods in Pakistan cost at least $10 billion.

The estimated cost was disclosed by Planning Minister on Monday, saying that Pakistan needed help from the rest of the world to deal with the consequences of climate change.

Pakistan floods cost at least $10 bln – planning minister | Reuters https://t.co/6zJz1HxuOW

— Ahsan Iqbal (@betterpakistan) August 29, 2022

Unexpected monsoon rains have caused historic flash floods that have destroyed bridges, crops, infrastructure, and highways, killing over 1,000 people and affecting more than 33 million. “I think it is going to be huge. So far, (a) very early, preliminary estimate is that it is big, it is higher than $10 billion,” Iqbal said.

The minister estimated that the 200-million-person South Asian country, which will be facing an acute food scarcity, may take five years to reconstruct and recover.

 Along with significant damage to the rice fields, he claimed that 45 per cent of the cotton harvests had been washed away. “I think it is going to be huge. So far, (a) very early, preliminary estimate is that it is big, it is higher than $10 billion,” Iqbal said.

According to Reuters, the Pakistani military said in a statement on Tuesday that rescue operations were still in progress and that foreign aid, including seven military aircraft from Turkey and three from the United Arab Emirates, was beginning to reach the nation.

More aid will be sent to Pakistan as a result, which will assist it in overcoming its current condition.

More than 300 stranded persons had been airlifted away, more than 23 metric tonnes of relief supplies had been provided, and more than 50 medical camps had been set up, with more than 33,000 patients receiving treatment, according to the statement.

Moreover, China will send two aircraft on Tuesday (today) carrying 3,000 tents and Japan will send tarpaulins and shelters, in addition to the announcements of financial support from the UK, Canada, Australia, and Azerbaijan.

As the cash-strapped nation struggles with political and economic unrest made worse by the historic floods, the International Monetary Fund (IMF) threw it another lifeline on Monday by releasing $1.17 billion in bailout funding.

“Pakistan is in dire need and the damages are here and we will be in this a very long time,” Iqbal said. “It’s not months but years we are talking about.”