World Bank, JK Govt differ on loss estimate during 2014 Floods
Financial institution puts losses at Rs 21,000 crore as against State’s Rs 1,00,000crore
The World Bank has put the estimate of losses due to September flood in Jammu and Kashmir at Rs 21,000 crore—far below the state government’s “preliminary estimate” of losses worth Rs 1 lakh crore (Rs 1 trillion) due to the devastating deluge.
After the deluge hit Kashmir on September 7, the J&K government called it a “disaster of international magnitude where losses to properties and businesses were in excess of Rs 100,000 crore (one trillion).
“It is not a disaster of national but international magnitude. Never before has such a disaster struck J&K,” Chief Secretary Muhammad Iqbal Khanday had told a press conference on September 29, 2014.
The J&K Government has estimated damage to the housing sector to the tune of Rs 30000 crore and losses in the business and public sectors at Rs 70000 crore, Khanday had said.
A civil society formation—Kashmir Center for Social and Development Studies—had said the damage caused to the public and private properties due to the flood was over Rs one trillion.
The World Bank has estimated that Jammu and Kashmir has suffered losses worth Rs 211,975 million (Rs 21197.5 crore) due to the devastating flood in September last year, sources in state government said Wednesday.
The loss is even less than half of the loss memo of Rs 44,000 crore that the previous government sought from the Centre as relief and rehabilitation package for flood affected people.
According to sources, the ‘impact assessment’ of floods carried out by the World Bank suggests that the total economic damages and losses to the state stand at Rs 211, 975 million (equivalent to approximately US $3,550.45 million).
Post floods, a joint team led by Union Finance Ministry officials and comprising representatives from the WB and the Asian Development Bank (ADB) visited the State on October 21, 2014 to assess the situation. Later, a mission of the WB visited the affected areas of the State between February 1-6 this year to carry out a multi-sectoral assessment of damages and needs.
According to sources, the WB assessment team has found that housing, livelihood and road and bridges sectors are worst-hit in terms of damage.
“Housing, livelihoods, and roads and bridges, have suffered 70 percent damage in terms of value,” the WB report, according to sources, reveals.
Besides, the report has also pointed out that public service infrastructure and equipment of hospitals and education centers was also severely damaged and is still not fully operational.
As already reported, the WB has offered Rs 1500 crore loan to Jammu and Kashmir for rebuilding infrastructure hit by the floods.
The WB has proposed US $ 80 million for reconstruction of roads and bridges. It has pledged assistance of US $ 60 million for reconstruction and strengthening of critical infrastructure, US $ 50 million for urban flood management, US $15 million for restoration and strengthening of livelihood, US $25 million for strengthening disaster risk management capacity and US $ 20 million for implementation support.
J&K was hit by a devastating flood during the first week of September 2014, causing colossal loss to lives and property.
The summer capital of Srinagar was worst hit in the flood described by the state government as “disaster of international magnitude”.
