Brazilian Floods Are Inflicting Billions in Economic Devastation [BNN Bloomberg (Canada)]
XP Inc. - Class A (XP)
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Source: BNN Bloomberg
Heavy rains in Rio Grande do Sul, Brazil's southernmost state, left entire cities under water and shut down its main airport indefinitely. More than 400 municipalities and 1.5 million people have been affected, according to the latest government data. About 164,000 residents have been displaced and 100 died as a result of the downpour, which started April 28. Initial estimates from Enki Research suggest an economic impact of at least $2.5 billion in the state. That preliminary number, based on research models and satellite data, is expected to grow as water levels are still high and more storms are expected for the region in coming days. “That is physical damage to infrastructure and agriculture, along with business revenue losses not recovered within six months,” said Enki's Chuck Watson. “More rain is forecast over the next week so unfortunately it will probably get worse.” The first effects have already been seen in agriculture as the price of soybeans rose amid fears of “re
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