As the clean-up in Queensland begins, the severe economic impact of these floods is becoming clear. One economist has estimated that the cost could be as much as $13 billion, around 1% of Australia’s gross domestic product (GDP).
The economic impact of these floods will include the slowing or suspending of mining operations which has global implications and affects the price of commodities such as coal and the production of steel, the extreme destruction of infrastructure such as roads, railways and buildings including many homes that will need to be repaired, ruined agricultural operations which will have knock-on effects for the rest of Australia and globally in terms of higher food prices and prices of agricultural products such as cotton, and high levels of cancellations for tourism operators. Further information on the cost of the Queensland floods can be found in these articles from The Sydney Morning Herald,The Daily Telegraph and The Herald Sun. See also this incredible interactive before-and-after map on the ABC website to get a good indication of the impact of these floods around Queensland.