Lately very few regions have managed to escape the wrath of mother nature. In recent times the number of natural disasters are increasing. The economic losses from these calamities have been impressive: Since 1989, insurance agencies have paid out more than $44 billion in damages caused due to tsunamis, earthquakes, tornados, floods, droughts, etc. Altogether these calamities have led to huge economic losses in terms of lost wages and output, destruction of public and private property, and loss of…
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