The cost of the devastation caused by this summer’s floods in Pakistan has hit $9.7bn (£6bn), according to a report conducted by international banks.
The Asian Development Bank (ADB) and the World Bank this week concluded their Damage and Needs Assessment (DNA) and said the figure covers damage to infrastructure, farms and homes, as well as other direct and indirect losses, and reconstruction costs.
The figure from the banks’ report suggests the outlook is not as bleak as earlier thought.
Pakistan’s high commissioner to the UK Wajid Shamsul Hasan had said the costs of recovery could reach £10bn (NCE 19 August).
However, disaster relief charity RedR country director Imam Baig said the £6bn figure is too conservative.
The report says that road infrastructure has been hit hard, particularly at the district and village levels, and irrigation infrastructure has also suffered serious damage, said the banks.
Agriculture and livestock “worst hit”
However, agriculture and livestock were the worst hit sectors, followed by housing. The DNA looked at 15 key sectors across Pakistan. One fifth of the country was affected by the floods and ADB country director for Pakistan Rune Stroem said the amount of damage caused is almost double that of the earthquake that hit Pakistan in 2005.
World Bank country director for Pakistan Rachid Benmessaoud said the completion of the DNA means rebuilding work can now begin.
“Our job as friends of Pakistan is to help the country respond to this enormous reconstruction challenge,” he said.
The UK Department for International Development said more than 2M.ha of crops have been destroyed, and livestock owners have lost 80% of their animals in some areas.