$2.2 Billion Road Losses in China Floods

China’s Ministry of Transport announced on Wednesday that torrential rains and floods have caused more than 16 billion yuan ($2.24 billion) in road damage across the country, underlining the growing fiscal pressures climate risks are placing on the nation’s already struggling economy.

Ministry spokesman Li Ying told reporters that the preliminary estimate covers road damage since the beginning of the flood season, spanning 23 provinces, regions, and municipalities, over two-thirds of China’s administrative divisions.

According to the Ministry of Water Resources, the flood season officially began on July 1, with both northern and southern regions experiencing record rainfall. In response, the transport and finance ministries have jointly allocated 540 million yuan to local authorities to support emergency road repairs.

China’s Ministry of Emergency Management reported that since April, the government has channeled 5.8 billion yuan into disaster relief efforts.

The country has faced multiple natural disasters this year, including floods, landslides, earthquakes, and droughts, causing direct economic losses of 52.2 billion yuan in July alone.