Since the end of November, there has been significant flooding in Australia. Flooding in Queensland State, the northeastern sector, has caused great damage in many ways socially and economically.
Australia is one of the largest world producers of coking coal which is needed for steel production; the flooding has washed out a few of these coal mines. This has caused an international raise in coking coal prices. Major coking coal companies, such as BHP Billiton, say it could be months before they are able to produce again.
While still facing the major flooding, Queensland State could be hit with two cyclones soon. The first, Tropical Cyclone Anthony, is supposed to be smaller than the second cyclone, Yasi. These cyclones are supposed to hit over 1,100 miles of the Queensland State coast. According to the Bureau of Meteorology of Australia, Anthony is predicted to hit Townsville, on with winds going about 87 miles an hour.
According to Bloomberg, an international newspaper, “We are looking at not only a potentially damaging cyclone but more very heavy rainfall, which depending on where it falls could fall into river catchments and cause further flooding,” state Premier Anna Bligh told Business Week on Sunday January 31st.
These floods have killed at least 32 people while damaging over 30,000 houses. Flash flooding has effected 200,000 people including 70 who are missing. Once the flooding and cyclones have passed it is predicted that reconstruction will cost 4.97 billion United States dollars.
According to BBC news, “There is likely to be a significant long-term effect [economically], not only national but internationally,” Bligh told a state broadcaster from ABC.
