Global natural disaster losses mount to USD 320 billion
Staff Report
ISLAMABAD: Weeks of torrential monsoon rains have caused widespread devastation across Pakistan. Flash floods in Khyber Pakhtunkhwa have killed at least 323 people, injured hundreds, left over 150 missing, and displaced thousands, officials said.
Buner was the worst-hit district, with entire villages destroyed. Mudslides in Azad Kashmir buried families, and glacier-fed torrents in Gilgit-Baltistan demolished homes, bridges, and farmland, said Shahid Rasheed Butt, former president of the Islamabad Chamber of Commerce (ICCI).
Over 159 houses and 57 schools were damaged, while landslides blocked key roads, hampering rescue efforts. Thousands remain in makeshift shelters, and a rescue helicopter crash in Mohmand killed five crewmembers.
The National Disaster Management Authority reported 657 deaths since late June, with Khyber Pakhtunkhwa hardest hit. Fresh rains threaten to worsen the devastation.
Shahid Rasheed Butt said much of Pakistan’s suffering stems from weak preparedness.
The Meteorological Department issued warnings on August 12, but evacuation and preventive measures were minimal. Poor enforcement of land-use restrictions and unsafe construction in flood-prone areas amplified the destruction.
The crisis highlights chronic underinvestment in resilience. Global natural disaster losses reached USD 320 billion in 2024, of which USD 140 billion were insured. In Pakistan, insurance penetration remains below 2 percent of GDP, leaving reconstruction almost entirely dependent on emergency budgets.
Pakistan’s 2022 floods caused over USD 30 billion in losses and affected 33 million people, yet preventive reforms remain stalled. Economists stress that investments in adaptation and resilient infrastructure can be up to ten times more cost-effective than post-disaster recovery. Without reforms, each monsoon risks repeating cycles of destruction.
Immediate measures are critical; relief corridors must be cleared, temporary bridges built, and evacuation shelters stocked with food and medicine. Long-term solutions require disaster insurance, resilient housing, and real-time monitoring to move from policy rhetoric to national survival priorities.
For millions in the north, this week’s devastation is a stark reminder that climate change is intensifying while adaptation lags dangerously behind. Without decisive action, the human and economic toll of floods will only deepen, Mr. Butt said.
