Global Rapid Post-Disaster Damage Estimation (GRADE) Report

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The GRADE report estimates the direct economic damage in Saint Vincent and the Grenadines (SVG) due to Hurricane Beryl at approximately US$ 230.6 million, which is about 22% of SVG's 2023 GDP and 4% of the total exposed value of assets [18][61][70] - The total replacement value of all assets in SVG is estimated at US$ 5.91 billion, including residential and non-residential buildings and infrastructure [18][22] - The southern Grenadines were the most affected, accounting for US$ 186.8 million or 81% of the total damage, with Union Island being the hardest hit [18][70] Summary by Sections Executive Summary - The report provides a rapid assessment of the economic damage caused by Hurricane Beryl, which made landfall on July 1, 2024, as a Category 4 hurricane [17][35] - The assessment follows the GRADE methodology, which is designed for quick damage estimation post-disaster [23] Introduction - The report aims to estimate the direct economic damage to physical assets caused by Hurricane Beryl and to inform recovery and reconstruction efforts [24] Context - SVG is a multi-island nation with a population of approximately 110,000, vulnerable to natural hazards including hurricanes [25][30] Summary of Historical Disasters - Historical data indicates that SVG has not experienced hurricanes of Category 3 or stronger since at least 1900, with significant past events causing substantial economic losses [31][32] Event Description - Hurricane Beryl was the earliest forming Category 5 hurricane on record and the strongest to impact SVG since at least 1900 [35] Reported Impacts - The hurricane exposed 56% of the population to winds between Tropical Storm and Category 4 hurricane strength, with varying levels of damage across the islands [38] - Initial assessments indicate extreme damage in Union Island and Mayreau, with significant impacts on infrastructure and buildings [41][42] Direct Damage Estimation Methodology - The GRADE methodology involves data collection, comparison with historical damage estimates, and calibration to provide rapid damage assessments [46][47] Results - Total damages are estimated at US$ 230.6 million, with building damage accounting for over two-thirds of the total [61][62] - Infrastructure damages are estimated at US$ 71.7 million, affecting key sectors such as power, telecommunications, and water networks [62][71] Interpretation of Results - The assessment indicates that Hurricane Beryl is one of the costliest hurricanes to impact SVG, with significant damage observed across various sectors [70]