Two worldwide trends in recent decades are commonly noted and sometimes linked in discussing disasters. First, the reported global cost of natural disasters has risen significantly, with a 14-fold increase between the 1950s and 1990s (Munich Re, 1999). During the 1990s, major natural catastrophes are reported to have resulted in economic losses averaging an estimated US$ 54 billion per annum (in 1999 prices) (ibid). Record losses of some US$ 198 billion were recorded in 1995, the year of the Kobe earthquake – equivalent to 0.7 percent of global gross domestic product (GDP) (ibid).
Benson, C. and Clay, E.J. (2006), "Disasters, Vulnerability and the Global Economy: Implications for Less-Developed Countries and Poor Populations", Galbraith, C.S. and Stiles, C.H. (Ed.) Developmental Entrepreneurship: Adversity, Risk, and Isolation (International Research in the Business Disciplines, Vol. 5), Emerald Group Publishing Limited, Bingley, pp. 115-145. https://doi.org/10.1016/S1074-7877(06)05007-0
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