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Australia's Cyclone Yasi damage bill could exceed $800 mln

02-16-2011 14:54 BJT

SYDNEY, Feb. 16 (Xinhua) -- The Cyclone Yasi damage bill would exceed 800 million AU dollars (800 million U.S. dollars), Australia's Queensland state treasurer Andrew Fraser said on Wednesday.

Fraser told Queensland parliament the new costs came on top of the 5 billion AU dollars damage bill with the January floods.

The costs will be met through the long-standing Natural Disaster Recovery and Relief Arrangements (NDRRA) between the state and federal governments.

Under these, the state is liable for 25 percent, or 200 million AU dollars, of the costs of the cyclone, taking its bill from both disasters to 1.45 billion AU dollars, Fraser said.

The damage bill from Yasi early this month exceeded the 480 million AU dollars (480 million U.S. dollars) cumulative damage bill from cyclones Larry and Monica in 2006.

Economic growth would also be further impacted due to the devastation of so many sugar and banana fields, Fraser said.

The floods have already changed Queensland's growth estimate for 2010/11 of 3.75 percent to 1.25 percent, but the state treasury expects the figure to dip even lower at around one percent this financial year.

Editor:Du Xiaodan |Source: Xinhua

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