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.
Dubai’s most iconic hotel, the Burj Al Arab, is set to close for the first time since opening in 1999 as it begins an extensive 18-month refu...
Armenian Prime Minister Nikol Pashinyan has said that the opening of railway transit routes through Azerbaijan has helped shield Armenia’s ec...
France is set to vote on a controversial law targeting what it calls “new forms” of antisemitism, sparking sharp divisions and raising ...
Hungary’s election winner, Péter Magyar, said on Wednesday his cabinet could be sworn in by mid-May, with Magyar taking office as prim...
A former NATO chief and senior figure the UK's ruling Labour Party has launched a sharp attack on Prime Minister Keir Starmer, accusing hi...
Dubai’s most iconic hotel, the Burj Al Arab, is set to close for the first time since opening in 1999 as it begins an extensive 18-month refurbishment aimed at preserving its status as a global symbol of luxury.
Armenian Prime Minister Nikol Pashinyan has said that the opening of railway transit routes through Azerbaijan has helped shield Armenia’s economy from the wider impact of regional instability linked to the crisis in the Strait of Hormuz.
France is set to vote on a controversial law targeting what it calls “new forms” of antisemitism, sparking sharp divisions and raising concerns over free speech, criticism of Israel and the protection of Jewish communities.
A former NATO chief and senior figure the UK's ruling Labour Party has launched a sharp attack on Prime Minister Keir Starmer, accusing his government of failing to adequately fund defence.
A preliminary round of Lebanon-Israel talks has concluded in Washington, marking a tentative diplomatic step as regional tensions rise. The development comes as the United States launches a naval blockade of Iranian ports.
Greenland’s prime minister has appointed his predecessor to oversee foreign affairs, as pressure from Washington intensifies over the Arctic island’s future.
Spain’s plan to grant legal status to hundreds of thousands of undocumented migrants is facing early resistance, with immigration officers warning they may strike over a lack of preparation and resources.
The U.S. and Iran could resume peace talks over the next couple of days, U.S. President Donald Trump has said. Talks between Israel and Lebanon were held in Washington yesterday. Fuel prices have dropped below $100 a barrel. U.S. blockade on Iranian ports completes first day.
An Indian healthcare provider plans to invest $50 million in diagnostic and pharmaceutical projects in Uzbekistan’s Namangan region, aiming to expand access to advanced medical services between 2026 and 2028.
The Middle East crisis is reshaping transport choices worldwide, turning electric vehicles from a long-term climate goal into an immediate economic calculation.
China’s export growth slowed sharply in March, as the fallout from the Middle East conflict pushed up energy and shipping costs, weakening global demand and exposing risks in Beijing’s reliance on manufacturing to drive growth.
A French fashion label is placing China at the heart of its global ambitions, choosing Shanghai for its worldwide debut in a move that shows growing confidence in the country’s consumer market and cultural influence.
Walt Disney is planning to cut up to 1,000 jobs in the coming weeks, with many of the reductions expected to affect its marketing division, The Wall Street Journal reported on Wednesday, citing sources familiar with the plans.
Major automakers showcased new electric vehicles at the New York Auto Show this week, under the slogan “electrification is the future." However, weakening demand in the United States and intense competition with China are raising questions for markets across the globe, including the South Caucasus.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment