Flood damage in Thailand could reach 90 billion baht

It's crisis Thailand. The floods in large parts of the country continue and the capital Bangkok is also experiencing flooding.

The death toll has already risen above 270 and this number is being revised upwards daily.

Shortage of sandbags

Yesterday the Bankokians started hoarding rice, water and noodles. Today, people are also preparing for what may come. For example, sandbags are placed in front of office buildings.

Prime Minister Yingluck Shinawatra said that there is an imminent shortage of sandbags. At least 1,5 million sandbags are needed to stop the advancing water. The demand for sandbags is high all over the country. Due to increased demand, the price of a single sandbag has risen from 30 to 45 baht.

Prices of fruit and vegetables are rising

The prices of fresh vegetables have also risen in recent days. Many vegetables, such as lettuce and cabbage, have been lost due to the floods. The price of fruit has risen by 30 to 40% because supply from the North is not possible due to the flood.

Damage amounts to astronomical amounts

It is now clear that in addition to the material damage to individuals, the economic damage caused by the flood disaster in Thailand will be enormous. Thailand's Finance Minister Thirachai Phuvanatnaranubala said today that the Bank of Thailand has estimated economic damage at 60 billion baht.

However, the NESDB (National Economic and Social Development Board) estimates the expected damage from the nationwide floods at 80 to 90 billion baht (2.13 billion euros), about 0,9 percent of GDP.