Disaster A disaster is a serious problem occurring over a short or long period of time that causes widespread human, material, economic or environmental loss which exceeds the ability of the affected community or society to cope using its own resources ...

s can have high costs associated with responding to and recovering from them. This page lists the estimated economic costs of relatively recent disasters. The costs of disasters vary considerably depending on a range of factors, such as the geographical location where they occur. When a large disaster occurs in a wealthy country, the financial damage may be large, but when a comparable disaster occurs in a poorer country, the actual financial damage may appear to be relatively small. This is in part due to the difficulty of measuring the financial damage in areas that lack

insurance Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...

. For example, the

2004 Indian Ocean earthquake and tsunami An earthquake and a tsunami, known as the Boxing Day Tsunami and, by the scientific community, the Sumatra–Andaman earthquake, occurred at 07:58:53 local time (UTC+7) on 26 December 2004, with an epicentre off the west coast of northern Suma ...

, with a death toll of around 230,000 people, cost a 'mere' $15 billion, whereas in the

Deepwater Horizon oil spill The ''Deepwater Horizon'' oil spill (also referred to as the "BP oil spill") was an industrial disaster that began on 20 April 2010 off of the coast of the United States in the Gulf of Mexico on the BP-operated Macondo Prospect, considered ...

, in which 11 people died, the damages were six-fold. The most expensive disaster in human history is the

Chernobyl disaster The Chernobyl disaster was a nuclear accident that occurred on 26 April 1986 at the No. 4 reactor in the Chernobyl Nuclear Power Plant, near the city of Pripyat in the north of the Ukrainian SSR in the Soviet Union. It is one of only two nuc ...

, costing an estimated $700 billion. Chernobyl's circumstances make it a unique but particularly devastating situation that is unlikely to ever happen again. Estimations have only increased over time, with the recent figure coming from the release of new government data up to 2016. Furthermore, the cost is expected to perpetually increase for several thousand years as cleanup operations and the economic impact of the

Chernobyl Exclusion Zone The Chernobyl Nuclear Power Plant Zone of Alienation, Belarusian: Хона адчужэння Чарнобыльскай АЭС, ''Zona adčužennia Čarnobyĺskaj AES'', russian: Зона отчуждения Чернобыльской АЭС ...

continue indefinitely. The most expensive natural disaster is the

2011 Tōhoku earthquake and tsunami The occurred at 14:46 JST (05:46 UTC) on 11 March. The magnitude 9.0–9.1 (M) undersea megathrust earthquake had an epicenter in the Pacific Ocean, east of the Oshika Peninsula of the Tōhoku region, and lasted approximately six minutes ...

, costing an estimated $360 billion.

Over $1 Billion

This table lists disasters which are estimated to have an economic cost of at least 1 billion

United States dollars The United States dollar ( symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the officia ...

without taking inflation into account.

Under $1 Billion

This table lists notable disasters which are estimated to have an economic cost of less than 1 billion

without taking inflation into account. This includes historical disasters, such as the

Great Chicago Fire The Great Chicago Fire was a conflagration that burned in the American city of Chicago during October 8–10, 1871. The fire killed approximately 300 people, destroyed roughly of the city including over 17,000 structures, and left more than 10 ...

, which would surpass the value of $1 billion in modern currency. ''Note: All damage figures are listed in millions of

.''

References

{{DEFAULTSORT:List Of Disasters By Cost

Cost In production, research, retail, and accounting, a cost is the value of money that has been used up to produce something or deliver a service, and hence is not available for use anymore. In business, the cost may be one of acquisition, in which ...

History of insurance