Bushfire is a term used to describe a devastating fire in a forest or a scrub, triggered by natural causes such as lightning or human events.
Since September 2019, bushfires have ravaged huge parts of Australia, affecting the lives of humans and animals. The ongoing wildfire has destroyed thousands of structures, killed over a billion of animals and claimed dozens of human lives while leaving several towns without electricity and network coverage. The most impacted regions include South Australia, New South Wales and Victoria.
The climate of Australia is generally hot, and few parts of the country are prone to bushfires such as New South Wales and Victoria. However, the ongoing bushfire is the worst bushfire season on record, prompting the government to declare a state of emergency in the month of November 2019.
Several Australian businesses have reported losses due to the deadly bushfires, with hospitality sector shutting its resorts and hotels, cheesemakers struggling to get milk, and Tourism Australia halting its $15 million ‘Matesong’ campaign.
Since September 2019 to 7 January 2020, number of claims increased to ~9,000 in several states, while insurances losses to date stood at nearly $ 700 million, according to the Insurance Council of Australia (ICA).
According to experts, the overall economic damage from the ongoing bushfire is expected to break the previous record of $4.4 billion that was set over a decade ago.
Blockbuster Packages To Help Bushfire Victims
The government is announcing funding towards remediating the lives of affected Australians, with an initial funding of $2 billion to National Bushfire Recovery Agency, which would assist the impacted communities with the fund over the next two years. Moreover, the government has committed to provide additional funding, if the amount provided stands insufficient to support the fire-affected communities.
The Prime Minister’s Office announced some blockbuster packages, including up to $10,000 to small businesses and $15,000 to primary producers and farmers in the Kangaroo Island and Adelaide Hills communities, South Australia.
Funding in Cryptocurrency
Cryptocurrency is digital money or virtual currency, defined as a web-based means of exchange that uses various algorithms and cryptographical functions to complete a financial transaction. Cryptocurrencies are not managed by any individual or government agency. The legal status of cryptocurrencies varies from country to country. It is a currency without borders.
Recently, Alex Saunders, Chief Executive officer of Nugget’s News educational platform, called upon the cryptocurrency community to support fire victims in Australia, highlighting that cryptocurrencies can be used for noble causes.
Mr Saunders urged to make donations in cryptocurrencies such as Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), and Binance Coin that can be accessed immediately, as it does not involve several working days to process the transaction.
Cryptocurrency Exchange “Binance” Donates $1 Million
In order to help the bushfire victims, one of the major crypto exchanges Binance has taken a step ahead by donating $1 million of BNB tokens. The cryptocurrency exchange is providing support through its charity arm. This initiative has influenced other community members as well, which are also extending funding to the bushfire donations project.
Mining Giants Supporting Bushfire Victims
Rio Tinto Limited (ASX: RIO) and BHP Group Limited (ASX: BHP), the two Australian giants in the metals and mining sector, have responded to the bushfire crisis with donations amounting to millions to the Red Cross (a community service charity).
The BHP Foundation is likely to donate approximately $2 million and Rio Tinto has further increased its contribution to support the relief program by $750,000. The mining giant, Rio Tinto previously donated $250,000 to the community service charity in order to support the fire victims.
The BHP Foundation would help the Red Cross by offering support through emergency assistance, evacuation centres, cash grants to people, etc.
Rio Tinto is also offering full leave entitlement for those employees who are engaged in volunteer firefighting efforts.
Additionally, individuals, celebrities, and several businesses/industries are raising funds to bring relief to the deadly bushfire victims across the country
Though global funding is pouring in to address the devastation of bushfires and support the long-term restoration of unique ecosystems, the fire season in Australia is expected to get worse this year and in the coming years, according to the Bureau of Meteorology, if improved fire-proofing methods and new regulations are not implemented.
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