Bill For UK Summer Floods Estimated At 3 Billion Pounds - AFP

[hatrack]

Britain's recent floods will cost insurers up to three billion pounds (4.5 billion euros, 6.2 billion dollars), the main industry body said Tuesday, significantly upping its previous estimate.

The floods, the country's worst for 60 years, led to almost 60,000 claims for damage in both the north and south of England, said the Association of British Insurers.

It had previously forecast costs of more than two billion pounds, although analysts had already said it was more likely to be nearer three.

The most recent flooding, centred on the southwestern country of Gloucestershire, was likely to account for about half that amount, said the association. This year could be one of the worst on record for weather-related claims, it added.

EDIT

http://www.terradaily.com/2007/070807150343.wu6nramg.html

[phantom power]

1. As a fraction of Britain's GDP, that's on the order of Katrina's economic impact

$6.2billion x $13T/$1.3T = $62billion