Official: Disaster cost quadrupled in past decades

MANILA, Philippines (AP) — The average annual cost of natural disasters has quadrupled over the last three decades and it makes economic sense to boost spending on preparedness to ensure a stable future, a senior European official said Thursday.

Kristalina Georgieva, European Commissioner for humanitarian aid and crisis response, told a conference on disaster risk reduction and management of the Asia-Europe Meeting that costs related to natural disasters have increased from $50 billion a year in the 1980s to $200 billion in the last decade. In three of the last four years, costs exceeded $200 billion.