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A new report by TD Economics said natural disasters are estimated to cost the Canadian economy $21 billion Canadian ($19.12 billion) to $43 billion Canadian ($39.16 billion) per year by 2050, Toronto Star reported.
An estimated $5 billion Canadian ($4.55 billion) will be sapped from the economy by 2020, the report said.
"Storms that used to occur every forty years are now occurring every six years," lead author and TD economist Craig Alexander said.