Business, Politics

August 10, 2020

Floods devastate China

Source: Unsplash (Jonathan Ford)

The Gist

Much of southern China has been flooded after unprecedented amounts of torrential rainfall in recent weeks. 

The List

  • Chinese officials report that at least $1.7 billion worth of crops have been destroyed.
  • The cost of some produce has spiked due to the floods and Covid-19, namely corn and soy (20% and 30% respectively). 
  • Hundreds of millions have been affected by the floods, with 4 million evacuated and over 20 billion dollars in damage to homes and property. 
  • Some have raised concerns about the strength of the Three Gorges Dam, one of the largest dams in the world which has been strained by the floods. 
  • Chinese officials insist the dam is robust, and expect the flooding to reduce in severity in the coming weeks. 

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