KResearch has preliminarily assessed that the damage to the rice crop from flooding in September and October 2021 may amount to around THB 6.3-8.4 billion. Due to the effects of recent storms, many provinces in the northeastern, northern and central regions of Thailand are experiencing ongoing floods, which have affected yields of in-season rice; the majority of which has already been planted and is gradually being harvested by farmers. Overall, in-season rice output could face significant losses from widespread flooding and stagnant floodwaters that have remained at high levels for many days in certain areas.
This year's flood damage is forecast to cost less than that of previous floods, including the southern Thailand floods of 2017, in terms of estimated damage to rice crops and share of economic loss on a national level. However, at the regional level, flooding is having considerable impact upon areas that were already facing hardships from reduced income for rice farmers, unemployment, the COVID-19 situation, as well as other challenges for SMEs.