China's megacity and economic center, Shanghai, shuts down after being hit by one of the strongest storms since 1949. Reports have said that this could be one of the biggest losses that China has suffered in years, with economic losses that could hit up to 10 billion Yuan. (13 Billion SGD)
Typhoon Bebinca will be remembered not only as the strongest, but also the costliest storm yet to hit China this year. While Bebinca is a weaker storm compared to the previous typhoons that have hit the city, but Typhoon Bebinca managed to head straight for Shanghai. This was a rare occurrence for Shanghai, colloqually known as the Magic City, because of its magical ability to always avoid the worst of natural disasters.
But this time, Shanghai was in the direct path of typhoon Bebinca, and they suffered the worst of the storm.
Major Airports shut down causing 1600 flights to be cancelled
The typhoon also hit during the Mid-Autumn Festival, which was supposed to be the peak travel season in China. Normally during a long weekend like this in Shanghai, bars in Shanghai are usually packed with customers. But for the first time in Shanghai, the streets of the metrocity were a complete ghost town as civilians were all hiding at home.
China's state media have also reported that China has already cancelled over 1600 flights so far. And Bloomberg intelligence analyst estimates that the losses could go up to 10 billion yuan. Videos have also circulated that at least 133 aircraft had to be tied down at two airports to secure the airports and surrounding areas. As of today, flights have gradually resumed at Shanghai's two airports, Pudong and Hongqiao.
In addition to flights, ferry services and some trains have also been suspended. Highways were closed at 1am local time and a 40 kilometre per hour speed limit is in place on roads inside the city. At rush hour, live video feeds showed that Shanghai's normally jammed roads were almost empty of traffic, and its famed skyline was obscured by thick fog.
Severe blackout within the city
The perils of Shanghai didn't just stop at its airports. It was reported that the typhoon had caused significant damage across the city, one of which being that the storm had left 30,000 households without electricity.
I believe that the electricity outage in the city would also contribute to part of the economic losses of the city. Without proper electricity, how are workers going to carry on with their work?
Furthermore, it was also reported that many of the trees and debris that had fallen on the street during the typhoon has caused roadblocks on the streets. I think this would also hinder workers' ability to report to work and thus affect the economy of the city negatively.
Typhoon moves northwest towards Jiangsu province
By early Monday afternoon, the eye of the storm had crossed from Shanghai to the neighbouring Jiangsu province, though rain was expected to continue in China's financial capital throughout the rest of the day.
CCTV reports that typhoon Bebinca is now expected to move northwest, causing heavy rain and high winds in Jiangsu, Zejiang and Anhui province.
Kikyo
Weatherly
JinseFinance
Edmund
Alex
Cointelegraph