Newspaper article China Post

Storm Closures Cost NT$45 Bil. per Day in Lost Production: TIER

Newspaper article China Post

Storm Closures Cost NT$45 Bil. per Day in Lost Production: TIER

Article excerpt

TAIPEI, Taiwan -- Today's typhoon day could bring NT$45 billion in aggregate domestic production losses, according to a TIER researcher.

Taiwan suffers an estimated NT$45 billion in domestic production losses for each day that work is canceled nationwide due to a typhoon, according to Sun Ming-te, director of the Macroeconomic Forecasting Center of the Taiwan Institute of Economic Research (TIER).

In fact, real typhoon-induced losses are hard to calculate, Sun said, adding that agriculture losses would likely drive up the price of produce and that post-typhoon reconstruction could cause price increases in construction materials and equipment.

An average of three to four typhoons hit the island per year, but the scale of real losses will depend on which part of the island is worst hit, according to Sun.

Local Fruit & Vegetable Farmers Rush to Harvest

Local fruit and vegetable farmers in Taitung and Nantou were busy harvesting their crops on Monday to reduce likely losses due to Typhoon Megi. …

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