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Volume 13 Issue 339 Shabaan 19, 1434 AH / June 28, 2013 - $1
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CALGARY FLOODS TO COST ECONOMY BILLIONS
Economists say flooding in Alberta will cost Calgary’s economy billions of dollars and affect the Canadian economy as a whole. Although the precise economic damage caused by the flooding is hard to measure, economists say it will be widespread and long-lasting. One estimate from BMO Capital Markets is that Canada’s GDP will be reduced by $2 billion as a direct result of the floods. Tom MacKinnon, an analyst with BMO Capital Markets, estimates that direct losses from the flooding will be between $3 billion and $5 billion. That is at least 10 times higher than the losses incurred during the floods of 2005. In Calgary, the floods will cut into retail sales, tourism and industries that service the energy industry. Todd Hirsch, chief economist at Alberta Treasury Branch, says the large oil and gas companies headquartered in Calgary are coping. “Production itself is not being disrupted. No oil and gas comes through downtown Calgary. It would be far more disruptive for these companies financially if it was a refinery or maybe one of their mining operations went down in the flood,” said Hirsch. However, three pipelines in the province
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