Jamaican Prime Minister Andrew Holness on Tuesday said that last week's Hurricane Melissa, the strongest-ever storm to hit its shores, caused damage to homes and key infrastructure roughly equivalent to 28% to 32% of last year's gross domestic product.
Holness told lawmakers the estimate was conservative, based on damages assessed so far, and that short-term economic output could decline by 8% to 13%.
He said costs would push up Jamaica's debt-to-GDP ratio and that his government would activate emergency provisions to temporarily suspend the country's fiscal rules.
Holness, whose government set out credit and insurance provisions for a storm similar to last year's Hurricane Beryl, said he was seeking financial support from regional allies, development agencies and the private sector.
"Experts describe Melissa to be on the very edge of what is physically possible in the Atlantic Ocean, a storm powered by record sea temperatures," he said.
"Its force was so immense that seismographs hundreds of miles away registered its passage," he added.
"Hurricane Melissa wasn't only a tragedy: It was a warning."
Scientists say storms are intensifying faster as a result of greenhouse gas emissions warming ocean surfaces, piling up fuel for seasonal storms. Caribbean leaders have long called for reparations from wealthy heavy-polluting nations in the form of aid or debt relief.
Holness pledged to rebuild infrastructure to withstand the worsening impacts of climate change, including moving parts of the electric grid underground.
"Every repaired bridge, re-roofed home and rebuilt road must be designed for the storms of tomorrow, not the storms of yesterday," he said.
India has imposed stricter anti-pollution measures in its capital New Delhi and adjoining areas on Tuesday, as the air quality deteriorated to "severe...
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Malaysian patrols scoured the Andaman Sea on Monday in search of dozens of members of Myanmar's persecuted Rohingya minority, following the sinking of...
Taiwan issued a land warning on Tuesday and evacuated more than 3,000 people from their homes ahead of the arrival of Typhoon Fung-wong which, while w...
Thailand's government confirmed on Tuesday it will halt the implementation of an enhanced ceasefire agreement with Cambodia, signed last month in the ...
India has imposed stricter anti-pollution measures in its capital New Delhi and adjoining areas on Tuesday, as the air quality deteriorated to "severe" levels, the government body responsible for air quality management said.
Malaysian patrols scoured the Andaman Sea on Monday in search of dozens of members of Myanmar's persecuted Rohingya minority, following the sinking of a boat last week that was believed to be carrying them, with another vessel still unaccounted for.
Taiwan issued a land warning on Tuesday and evacuated more than 3,000 people from their homes ahead of the arrival of Typhoon Fung-wong which, while weakening, is expected to dump large amounts of rain on the island's mountainous east coast.
Thailand's government confirmed on Tuesday it will halt the implementation of an enhanced ceasefire agreement with Cambodia, signed last month in the presence of U.S. President Donald Trump and said it would explain its decision to Washington.
Billionaire Jeff Bezos’s Blue Origin has launched NASA’s twin ESCAPADE satellites to Mars on Sunday, marking the second flight of its New Glenn rocket, a mission seen as a crucial test of the company’s reusability ambitions and a fresh challenge to Elon Musk’s SpaceX.
Elon Musk’s bold vision for the future of technology doesn’t stop at reshaping space exploration or electric cars. The Neuralink brain-chip technology he introduced in 2020 could mark the end of smartphones as we know them, and his recent statements amplify this futuristic idea.
Two trains crashed in Slovakia on Sunday evening after one ran into the back of the other, injuring dozens of passengers, police and the country's interior minister said.
China has announced exemptions to its export controls on Nexperia chips intended for civilian use, the commerce ministry said on Sunday, a move aimed at easing supply shortages affecting carmakers and automotive suppliers.
Russia said its forces have captured the village of Rybne in Ukraine’s southeastern Zaporizhzhia region, though Kyiv has not confirmed the claim. Ukraine’s military says it repelled multiple Russian assaults nearby amid ongoing heavy fighting.
Wall Street climbed sharply on Monday, with Nvidia up 5.8% and Palantir 8.8%, as artificial intelligence (AI) stocks rebound and progress in Congress raises hopes of ending the U.S. government shutdown.
Visa and Mastercard announce a $38 billion settlement with merchants over high swipe fees, including fee reductions, surcharges options, and eight-year caps on standard consumer cards, resolving a 20-year antitrust battle.
Despite promises of recovery from the new government, Germany’s economy continues to stagnate, with no signs of renewed momentum. According to the latest report from the German Chamber of Industry and Commerce (DIHK), the country still lacks the drive needed for a genuine economic rebound.
Türkiye’s benchmark BIST 100 index ended Thursday up 0.94%, closing at 11,073.27 points. Opening the day at 11,029.29, the index gained 102.9 points compared with the previous close.
Dutch smartphone maker Fairphone is entering the U.S. market, betting on growing demand for repairable and sustainable devices as right-to-repair legislation gains traction, according to Reuters.
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