Cyclone Vardah has inflicted Rs 6,749crore loss on Tamil Nadu, Assocham says

CHENNAI: The loss caused by cyclone Vardah in Tamil Nadu is likely to be around $1 billion (Rs 6,749 crore), said industry body

Assocham

on Tuesday.

“The hurricane-strength storm caused by cyclone Vardah uprooted trees, overturned cars and caused extensive damage to buildings, besides it has also significantly hit agricultural sector, destroying banana plantations, papaya groves, rice paddies and others thereby causing widespread destruction worth up to $1 billion,” said D S Rawat, secretary general, Assocham.

“Local fishery trade, poor supply of power and supplies due to logistics crunch in both urban and rural areas, extensive damage to crops due to incessant rains, loss of livestock, damage to private property, problems in ferrying passengers and transporting goods owing to cancellation of flights, trains, road blockades may significantly hit the region’s economy,” said Rawat.

The cyclone is also expected to hit south India's tourism industry, a few days ahead of the annual Marghazi music festival. Medical tourism is also expected to be hit.

Last December's Chennai

floods

resulted in losses of around $2.2 billion with insured losses mounting to $755 million, according to global reinsurer Swiss Re.