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Significant Economic Impact Of Floods In Australia

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Agriculture will be hit hard, with an estimated $1.6 billion worth of crops having been destroyed. Sugarcane, cotton, some vegetables and grains have also suffered major losses. This is expected to flow on to a short-term price spike for food, with prices expected to rise by up to 200%.

The mass destruction of the situations above has a significant effect economically including higher costs of due to minor availability, large expense to repair the damage caused, no income due unemployment and the reduction of tourism on the affected area, which decreases revenue.

A significant economic impact of floods in Australia is the damage to farming areas, properties and homes. This adversity results in unemployment and emotional and physical stress.

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