The tsunami that has devastated coastlines around the Indian Ocean, now known to be one of the worst natural disasters ever, could cost as much as €10 billion and economists have begun to revise down some growth estimates.
Early indications today were that the calamity could shave 0.7 per cent from Thailand's economic growth and in less developed but harder-hit areas such as the Maldives the disaster is seen lopping as much as 4 per cent off growth.
Four days after the world's biggest earthquake in 40 years struck off the Indonesian island of Sumatra, government leaders and economists are still struggling to determine the total damage after giant waves have claimed more than 87,000 lives.
Munich Re, the world's largest reinsurer, has estimated the tsunami wreaked economic damage of more than €10 billion.
But economists also have been quick to note that the financial cost of the disaster will be tiny relative to the human suffering the ferocious waves have wrought.
Australia's ANZ Bank sent clients a report showing the tsunami at the top of a list of recent world disasters in terms of loss of life. But the tsunami cost will come nowhere near the $132 billion that Japan's Kobe earthquake, which killed some 5,000 in 1995, is estimated to have cost.
A starker contrast can be seen with Hurricane Andrew, which killed 50 people in 1992 but cost around $30 billion, ANZ said.
Economists said Thailand has been dealt a bigger blow than its neighbours from a direct hit to tourism revenues from the Phuket and Krabi provinces. The others - Indonesia, Sri Lanka or India - could use foreign aid to rebuild their coasts.
Thailand earlier this week put the cost of rebuilding its money-spinning tourism industry at €400 million. Indonesia said yesterday nearly €1 billion will be needed to rebuild Sumatra.