Floods Wreak Havoc In Brazil, Grains Exports Likely To Take A Hit

Heavy, unusual rains have devastated southern parts of Brazil, The rains began early May and inundated vast swathes of land destroying infrastructure, roads, bridges and snapping electricity lines. The worst hit area has been the state of Rio Grande do Sul and its capital Porto Alegre. The city’s roads are under several feet of water, the airport is inoperable due to the floods and even the stadium is under water. A large number of people have lost their lives with more than a 150,000 people displaced. According to economists the floods could hit grain exports from Brazil. The flood-hit area is a major producer of rice, wheat, soy and meats. Brazil’s growth rate is seen dipping slightly and inflation is also expected to rise a little.