Flood damage a big hit to Panama’s economy

(PanamaNewsRoom) The first official estimates of the cost of December’s devastating floods in Panama comes out at an estimated $168 million with more costs likely to follow.

That covers only damage to public buildings, roads and other properties, according to official estimates, and does not include losses to business and individuals

The estimates are based on requests from government ministries for repairs following the floods, which impacted health centers, schools and highways, including the access road to the Centennial Bridge.

The Ministry of Public Works is expected to have to spend $150 million on repairs, the most by any ministry.

Deputy Minister of Economy Frank Lima said the ministry is awaiting the report of all public entities, and that the damage estimate could increase