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The government of Australia's New South Wales state is looking to set up a natural disaster fund to reduce the effects of worsening storm, flood and fire events on the state's budget, The Sydney Morning Herald reported.
The premier of New South Wales had proposed a standalone natural disasters fund in 2014. More than $2 billion Australian ($1.5 billion) has been spent due to natural disasters in the Australian state in the last decade. The recent storms that hit the state would cost hundreds of millions of dollars.