In 2011, there were 336 reported natural disasters worldwide, and they accounted for the deaths of more than 31,000 people (almost 20,000 in Japan after 3/11). The costs associated with these events were the highest in 20 years, and totalled an estimated $US350.47 billion in damages ($US203 billion in Japan, $US17 billion in Christchurch, New Zealand). In Australia natural disasters have become a frequent occurrence. While not approaching either the mortality rates or the financial costs associated with overseas disasters, in recent years Australia had a very high incidence of natural disasters. The natural disasters that struck Australia between November 2010 and February 2011 saw more than 99% of Queensland disaster-declared, with 37 lives lost. During the same period, all other Australian states and the Northern Territory experienced severe weather events or other natural disasters, such as bushfires, floods, storms, and droughts. Queensland and New South Wales experienced floods in December 2010 and January 2011, Victoria was devastated by floods in January and February 2011, Category 5 Tropical Cyclone Yasi ravaged North Queensland in February 2011, and bushfires were out of control in Victoria in February 2011. The total cost attributed to these disasters was $3 billion. The costs included rebuilding physical infrastructure, re-establishing services, and reinvigorating damaged communities. All levels of government are conscious of the budget implications of the impacts of disasters.
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Matthew Allen (2013) studied this question.