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Experts warn of long-term economic impacts as damages from severe flooding in Thailand surpass $7B: 'The agricultural sector ... is particularly vulnerable'

"We are seeing a significant acceleration of climate change, and the impacts are becoming more severe."

"We are seeing a significant acceleration of climate change, and the impacts are becoming more severe."

Photo Credit: iStock

Flooding in Thailand is having devastating impacts.

What's happening?

Dozens of people have died in tropical storm and heavy rain events over the last few months, and the water is still coming. Monsoon season ends in October, and officials are projecting the cost of the disastrous floods to exceed 242 billion baht ($7.3 billion), The Nation reported. Agriculture losses alone could reach 43.4 billion baht ($1.3 billion).

The "severe and prolonged flooding" is the worst in decades, according to Voice of America. It started with rain in August and was exacerbated by Typhoon Yagi in September. Thousands of people are stranded, and residents were being asked to prepare for more flooding.

"Flooding is a recurring natural disaster in Thailand, but the frequency and severity of these events have increased due to climate change," Thai Chamber of Commerce chairman Sanan Angubolkul said. "The agricultural sector, a crucial driver of our economy, is particularly vulnerable to these disruptions."

Elsewhere in Asia, analysts recently said that typhoons Bebinca and Pulasan have caused 1.23 billion Chinese yuan ($175 million) in insurance claims in Shanghai, according to the Asia Insurance Review, with total damage estimated to reach as much as $1.4 billion.

Why is this important?

Rising temperatures are contributing to more extreme weather events — and more intense extreme weather events. That includes more powerful typhoons as well as more rainfall and floods.

"We are seeing a significant acceleration of climate change, and the impacts are becoming more severe," international economics expert Ath Pisavanich told The Nation. "The Paris Agreement goal of limiting global temperature rise to 1.5 degrees Celsius is becoming increasingly challenging."

That's because we're locked into a certain amount of warming due to our reliance on dirty energy sources such as coal, oil, and gas. Though we are already experiencing seemingly endless natural disasters and weather catastrophes, even worse conditions are on the horizon.

By 2029, temperatures of 1.5 Celsius (2.7 Fahrenheit) above preindustrial levels will be the norm if drastic actions are not completed to all but eliminate carbon pollution.

What's being done about flooding in Thailand?

The seasonal reaction to flooding should become a proactive, year-round effort, Arisara Lekkham of Mae Fah Luang University told Voice of America. Early warning systems are also essential.

In broad terms, we can all contribute to lessening the risk of flooding and other extreme weather events around the world. It takes using your voice by voting for climate action, sharing information and solutions, and engaging locally; swapping gas-powered vehicles for electric ones; and using your wallet to influence corporations, industries, and wealthy people in charge to ensure a future free from environmental devastation.

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