Damage from the floods and cyclone that struck parts of eastern Australia earlier this year is expected to cost the country’s economy approximately 9 billion Australian dollars ($9.35 billion). Most of the losses will be likely felt in the agricultural and resources production industry, according to the Australian government. This latest estimate is well above the an earlier approximation that put the damage to the economy at AU$5.6 billion, Reuters says.

    About the author

    • Ivy Mungcal

      As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.