Economic Cost Of Climate Change To Soar Above $97 Billion In US

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A new study from Swiss Re, “Economic losses set to increase due to climate change, with US and Philippines the hardest hit,” shows that the financial toll of the climate crisis may be worse than often expected. This year, floods, tropical cyclones, winter storms in Europe, and severe thunderstorms cost the global economy about $800 billion. The cost to the US is .38% of GDP, or $97 billion.

US Climate –The Danger In New Orleans

Swiss Re looked at 36 nations. The study used, in part, Intergovernmental Panel on Climate Change (IPCC) data. Among the conclusions, “While flood risk is projected to intensify globally, the main driver of major weather-related economic losses in the US, as well as in east and southeast Asia, are tropical cyclones.”

The study does suggest some solutions. Among them are more flood protection and improved building construction. Similar suggestions have been made in the past. While they are sometimes taken, they have not been enough to prevent major economic losses.

Based on annual economic losses, the top ten countries ranked by percent of GDP are the Philippines., the US, Thailand, Austria, and China. For these and most other nations, the GDP calculation percentage will only worsen.