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Natural disasters cost more than $500 billion in consumption losses: Report

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A report by The World Bank Group has found that global natural disasters cost $520 billion of consumption loss annually, which is 60% larger than asset losses, Bloomberg reported. The estimate is based on the effects of disasters such as floods, windstorms, earthquakes, and tsunamis on people's well-being, measured by the decline in their consumption. Asia Pacific is the world's most vulnerable region to natural disasters, accounting for 40% of the global tally, the report said.

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