Global economic losses from natural disasters 2000-2023

In 2023, the economic losses due to natural disaster events worldwide amounted to about 380 billion U.S. dollars. Natural disasters occur as a result of natural processes on Earth. There are a lot of different types of natural disasters that can occur, including floods, hurricanes, earthquakes, and tsunamis.

Natural disasters in 2023

Despite the economic losses being higher in 2023, the number of natural disaster events that year dropped when compared to 2022. With 398 natural catastrophes registered in total, earthquakes generated the highest amount of economic losses in 2023. Devastatingly, the earthquakes that hit Turkey and Syria in February 2023 caused the loss of 59,272 lives.

Asia hardest hit by natural disasters

A highly destructive force, Asia is one of the most susceptible regions to natural disasters. The repercussions of natural disasters are not only physical, but also economic. Costs may be high – depending on the severity – as areas affected by natural disasters might need to be rebuilt. Lower income countries are more likely to be affected by natural disasters for a multitude of reasons, including a lack of developed infrastructure, inadequate housing, and lack of back-resources.