How the bushfires are impacting the country?

Team Veye | 13 Jan 2020

How the bushfires are impacting the country?

Bushfires have been impacting Australia for more than a century now. This has caused extensive damage to property besides accounting for a huge number of fatalities. More than a billion animals have been dead in the current Australian bushfire.

Wildfires are reported to be raging outside many major cities in Australia. This has forced residents to flee with hundreds of homes destroyed and millions of acres burned.

The fires, though initially sparked in September 2019, have been blazing ever since. The hot and dry conditions which have always fueled the fires are not new to Australia. Most of New South Wales and Queensland have been experiencing shortfalls in rain since early 2017. The convergence of record-breaking temperatures, extended drought, and strong winds has made this year’s bushfires even more devastating. It was reported that a number of small fires started by lightning strikes had merged and grown. And when they merge, they increase the size and also open more uncontained areas.

Australia is taking all-out measures amid news of this being one of the worst fire seasons in the history of the country. Australia has deployed military planes and ships to provide aid to fleeing residents. The Defense Force is sending ships on supply missions and deploying helicopters to bring in more firefighters as roads were inaccessible. In New South Wales, firefighters were battling more than 100 fires according to the state’s Rural Fire Service. Military ships and aircraft were deployed on Wednesday to deliver water, food, and fuel to towns cut off by the fires.

The tourism industry, which is the backbone of the Australian economy, may be experiencing, if not directly then ripple effect of the bushfires. Most destinations in Australia remain safe. All international airports in Australia are operating as normal.  Authorities have pleaded with Australians to not scrap upcoming holiday plans as it was important to keep the local economies vibrant at these times

Disclaimer

Veye Pty Ltd (ABN 58 623 120 865) authorised representative (AR No. 001261006) of Global Merces Funds Management Ltd holds Australian Financial Services License (AFSL) No. 460883. Veye is authorised to share only generic financial views through its website, reports and newsletters without keeping into consideration your personal financial needs or investment objectives. Although Veye takes utmost care about the accuracy of the content and ensure that the information is gathered and processed through reliable resources but it is recommended for you to seek professional advice from your financial advisor or stockbroker before acting on any of our content or taking a final decision on your investments. Veye Pty Ltd advises it’s users to pursue investing as a long-term goal. Stocks are subject to real time changes therefore all the information we share represents our views at the date of publishing and we request our readers not to interpret our reports as direct recommendations. Future Performance of any Security/Financial Product cannot be assured basis its past performance. The securities and financial products we study and share information on in Veye Reports may have a product disclosure statement or other offer document associated with them. You should obtain a copy of these before making any decision about acquiring the security or product. You can refer to our Terms & Conditions and Financial Services Guide as per your convenience. Veye Pty Ltd confirms that the employees and/or associates of Veye Pty Ltd do not hold positions in any of the financial products covered on the website on the date of publishing this report (mentioned on the website).