News / Business
Devastating Queensland Flooding to Have Big Impact on Australian Economy
The www.wt360.com forecast for Brisbane shows that the heavy rain is projected to slacken within the next 2 weeks, however, the rainy season in eastern Australia is far from over and so is La Niña, which is expected to gradually weaken through the southern hemisphere’s Autumn. Rainfall is forecast to be above normal for February and March 2011 in eastern Australia (see maps here) so Queensland may not be out of the woods yet. On the bright side, impacts from a tropical cyclone appear to be unlikely for the next couple of weeks in eastern Australia.
The Australian economy is taking a major blow from this natural disaster as the agricultural rich region of southeast Queensland is getting virtually consumed by flood waters, as seen in this satellite image of Ipswich, a suburb of Brisbane.
The coal industry in Queensland has shut down costing millions in deferred exports and impacting global prices. Vegetable, fruit and sugarcane crops have been wiped out causing food prices to skyrocket across eastern Australia. Industry experts predict that the flooding could cut 1% off of growth in Queensland which is equivalent to AUS$13 billion and 0.3% of Australia’s GDP. Queensland Premier Anna Bligh stated that cleanup and restoration costs could be of post-war proportions. Additionally, the flood threatens to jeopardize the Australian government’s pledge to return to surplus by 2012-2013 as financial aid assistance will put a strain on the budget. This event could end up being the single, costliest natural disaster in the history of Australia. Although flooding in Brisbane is reported to be not as severe as the 1974 floods, major development of previously unoccupied land in the city has put more people and property at risk.
To view the short and long-range forecast for Brisbane or any location in the world, visit www.wt360.com
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