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In 2024, the economic losses due to natural disasters worldwide amounted to about *** billion U.S. dollars. Natural disasters occur as a result of natural processes on Earth. Many different types of natural disasters can occur, including floods, hurricanes, earthquakes, and tsunamis. 

Natural disasters in 2024

Tropical cyclones generated the highest amount of economic losses in 2024 with *** billion U.S. dollars worldwide. Hurricanes Helene and Milton were the most destructive events worldwide that year with over 100 billion U.S. dollars in economic losses. Flooding events ranked second in the costliest events in 2024, with flooding in Valencia, Spain, and South and Central China being the worst examples.

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.