Study: Total Global Costs Of Extreme Weather Over The Past Decade Total $2 Trillion; US Leads, Followed By China, India

[hatrack]

Violent weather cost the world $2tn over the past decade, a report has found, as diplomats descend on the Cop29 climate summit for a tense fight over finance. The analysis of 4,000 climate-related extreme weather events, from flash floods that wash away homes in an instant to slow-burning droughts that ruin farms over years, found economic damages hit $451bn across the past two years alone.

The figures reflect the full cost of extreme weather rather than the share scientists can attribute to climate breakdown. They come as world leaders argue over how much rich countries should pay to help poor countries clean up their economies, adapt to a hotter world and deal with the damage done by increasingly violent weather.

“The data from the past decade shows definitively that climate change is not a future problem,” said John Denton, secretary-general of the International Chamber of Commerce (ICC), which commissioned the report. “Major productivity losses from extreme weather events are being felt in the here and now by the real economy.”

The report found a gradual upward trend in the cost of extreme weather events between 2014 and 2023, with a spike in 2017 when an active hurricane season battered North America. The US suffered the greatest economic losses over the 10-year period, at $935bn, followed by China at $268bn and India at $112bn. Germany, Australia, France and Brazil all made the top 10.

EDIT

https://www.theguardian.com/business/2024/nov/11/extreme-weather-cost-2tn-globally-over-past-decade-report-finds

[Think. Again.]

1. K&R (for whatever it's worth)

[CoopersDad]

2. That figure seems low. I would put it at $2T/year, averaged over ten years.

I don't know if their calculations include infrastructure losses and indirect costs of trying to adapt but $2T seems very low.

K/R

[NNadir]

3. I often feel around here that I'm hearing all about how...

...extreme global heating driving extreme global weather isn't "too expensive."

These costs, which are less than the over 4 trillion dollars spent on so called "renewable energy" since 2015, seem low although they are difficult to precisely determine, but in any case they will surely rise.