The 2011 natural disasters, such as the twin earthquake and tsunami that struck Japan, was by far the costliest, with the United Nations disaster risk reduction agency UNISDR estimating the economic cost to be at least $380 billion.

Margareta Wahlstrom, the secretary-general's special representative for disaster risk reduction, said the figure was two-thirds higher than the previous record in 2005 when Hurricane Katrina struck the southern United States.

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According to Wahlstrom, the high economic losses incurred were mainly due to the earthquakes in Japan and New Zealand and floods in Thailand.

Sanjay Srivastava, UN regional adviser for disaster risk reduction added that 90 percent of the economic losses caused by natural disasters in 2011 were suffered by Asian countries.

A total of 29,782 people were killed in 302 disasters last year, the UNISDR said. Earthquakes alone claimed 20,943 lives, most of them in Japan.

Wahlstrom said:

The economics of disasters is becoming a major threat to a number of countries. We say today that 50 percent of the world's population is exposed to disaster risks because they live in the highly vulnerable areas.

However, despite the rising economic costs, Wahlstrom said the deaths from disasters are declining proportionately as countries implement better early-warning systems and preparedness measures.

In particular, Wahlstrom praised Japan's preparedness and disaster response efforts, despite having the highest economic exposure and the second-highest population exposure to potential disasters.

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Other than natural disasters that cannot be prevented, disaster risks are increasingly attributed to climate change, the depletion of natural resources, poor land use, and worsening environmental problems - a solemn reminder that no country is immune to the threat of climate change and natural disasters.

By 2050, the UNISDR predicts the world will need 50 percent more food, 45 percent more energy and 30 percent more water for a growing population - and these resources are already under threat and are triggers of disaster.

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