The recent flooding in Thailand’s 33 northern and northern provinces has caused damage to the agricultural, industrial and service sectors estimated at about 30 billion baht, according to the Thai Chamber of Commerce (TCC).
Sanan Angubolkul, chairman of the chamber, said today that the cost of the damage, as estimated by the TCC and the University of Thai Chamber of Commerce, accounts for 0.17% of GDP.
About 480,000 hectares were damaged, including 192,000 hectares of farm land. The damage to farm land is estimated at 24.5 billion baht, 5.12 billion baht for the service sector and about 171 million baht for the industrial sector.
Sanan explained that the industrial sector suffered the least damage because it is well prepared to cope with flooding.
The three worst-affected provinces are Chiang Rai, estimated at about 6.4 billion baht, Phayao, about 3.2 billion baht and Sukhothai, about 3 billion baht.
In anticipation of more rain this month, which may cause more flooding, Sanan urged the government to take steps in advance mitigate the impacts on the people, property and the economy in general.
Meanwhile, Vichai Assarasakorn, TCC vice chairman, urged the government to review its infrastructure and water management strategy, to address the twin problems of flooding and drought, which are now more frequent and extreme.
He said that the government has paid out more than 100 billion baht each year in compensation to flood and drought victims.
