An Unmitigated Disaster: America's $50 billion Domestic Quagmire

from SmirkingChimp.com

What costs more: Global Natural Disasters or America's War on Drugs?

Well...go on... take a guess.

You know the answer but it seems so absurd. It's hard to say it.

That's because it is a study in absurdity.

The world community spent $30 billion for global disasters in 2007.

While losses soared in 2007, the figure was far short of the $99 billion Munich Re recorded in 2005 - when Hurricane Katrina slammed into New Orleans.

The world's second-largest reinsurer put total economic losses this year - which includes losses not covered by insurance - from natural disasters at $75 billion - a 50 percent increase from last year's $50 billion, but far below the 2005 figure of $220 billion.

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The company said that, in all, 950 natural disasters were recorded this year - up from 850 last year, and the highest figure since the company started keeping systematic records in 1974.

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