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Haiti quake most costly disaster in modern times

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Haiti quake most costly disaster in modern times

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Rebuilding Haiti after last month’s earthquake is likely to end up making it the most costly natural disaster in modern times.

That’s the judgement of the Inter-American Development Bank. Its study takes into account the magnitude of the disaster, the number of dead or missing, Haiti’s population and per capita GDP. The result, a cost of around 10 billion euros.That is three times more than the 2004 Indonesian Tsunami.

IADB economic advisor, Andrew Powell said the rebuild should provide for a safer future:
“What we want to do is build back better and provide better infrastructure and more advanced, better quality buildings, of course, that are more earthquake and hurricane proof.”

The IADB study also warned it was vital the much needed foreign aid was properly managed and directed into the creation of job activities such as clearing up the rubble. It should not compete with locally produced goods otherwise fresh economic problems would follow.