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Economic Impact of Hurricane Beryl on Barbados: IMF Analysis Reveals Estimated Costs and Mitigating Factors
Hurricane Beryl's estimated cost for Barbados is BDS$193 million, with a projected moderate impact on the economy, particularly in fisheries, tourism, and infrastructure. IMF report details the aftermath.
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Originally published by nationnews.com (opens in new tab)
Barbados’ Hurricane Beryl related costs are an estimated BDS$193 million but the International Monetary Fund (IMF) expects it will have an overall “moderate” impact on the economy.
An analysis titled The Economic Impact Of Hurricane Beryl, which is shared in the new IMF staff report for Barbados, said the fact that the hurricane affected Barbados at the end of the International Cricket Council’s Men’s T20 World Cup and outside the peak tourist season, was “an important mitigating factor” for the island.
“Initial estimates suggest that the total cost of Hurricane Beryl could reach around 1.4 per cent of Gross Domestic Product (GDP),” the IMF said.
“In August, the Economic Commission for Latin America and the Caribbean damage and loss assessment estimated total damages, losses and additional costs – including for hurricane preparation, clean-up and operational disruption – at $193 million, 1.4 per cent of 2024 GDP.”
The report noted that damages and losses were concentrated in fisheries and tourism but also affected transport infrastructure, agriculture, housing and the environment.
