Hong Kong’s economic losses from Ragasa may run into billions: experts
Economic losses from extreme weather will become new normal in Hong Kong, they say
But they warned on Thursday that as extreme weather became more frequent, significant annual economic losses were becoming a “new normal” for the city.
Ragasa triggered Hong Kong’s highest-level No 10 typhoon warning signal and brought the city to a standstill for nearly two days. Massive waves and storm surges damaged coastal restaurants, with losses running into millions of dollars, according to owners.
“Economic losses from extreme weather will become a new normal for Hong Kong, as well as the world,” said Gary Ng Cheuk-yan, a senior economist with Natixis Corporate and Investment Bank.
Economist Simon Lee Siu-po said the estimated loss from Ragasa was between HK$2 billion and HK$3 billion (US$257 million and US$386 million).