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Australia is promising $2 billion for the fires. I estimate recovery will cost $100 billion

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That’s the self-explanatory headline for a piece I wrote for CNN Business in the US. Major contributors to this number, beyond the direct loss of property include damage to the tourist industry (I estimate up to billion)health effects, including 1000 or more premature deaths from smoke (up to billion)need for massive expenditure to deal with future disastersecosystem destruction and wildlife deaths (impossible to value, but catastrophic) Share this:Like this:Like Loading...

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That’s the self-explanatory headline for a piece I wrote for CNN Business in the US. Major contributors to this number, beyond the direct loss of property include

  • damage to the tourist industry (I estimate up to $20 billion)
  • health effects, including 1000 or more premature deaths from smoke (up to $10 billion)
  • need for massive expenditure to deal with future disasters
  • ecosystem destruction and wildlife deaths (impossible to value, but catastrophic)
John Quiggin
He is an Australian economist, a Professor and an Australian Research Council Laureate Fellow at the University of Queensland, and a former member of the Board of the Climate Change Authority of the Australian Government.

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