The damage in terms of economy from the devastating bushfires in the eastern seaboard of Australia has been projected to exceed the record of $4.4 bn which had been set by the Black Saturday fires in the year 2009. The analysis has been done by Moody’s Analytics.
The analysis has said that the fires are going to cripple further the confidence of the consumers which is already undergoing a tough period and increase the possibilities of a rate cut taking place in the next month as well as causing a lot of damage to the country’s economy with the air pollution levels increasing and direct harm being caused to the industries like tourism and farming
The analyst has said that the damage risks to the economies bordering Australia outside the areas which have been destroyed by fire had increased as the season had a lot of time to run still.
The fires as of now have charred a minimum of 8.4m of hectares through the country in comparison with 450,000 ha which had been affected by the Black Saturday.
The fires in the year 2009 had ripped through a very densely populated area in the rural parts of Melbourne in the north and had killed as many as 173 people and had completely destroyed the Marysville town.
As of now, there are 25 people who have been known to be dead due to the fires that have also caused a lot of serious damage to a lot of towns like Mogo and Cobargo on the south coast.
The analyst had said that earlier bushfires had only tended to hurt the economies locally which were in the path of these flames directly.