US Business Hit With $9 Trillion Loss Due To Extreme Climate
A new study from Brookings shows that extreme weather has cost American businesses billions of dollars. The research document is titled “Why business leaders should demand stronger climate adaptation policies from the federal government.”
In 2022, 9.8% of all US businesses suffered losses due to extreme weather. “Though comprising less than 10% of total U.S. businesses, the firms that experienced monetary loss due to extreme weather represented over $9 trillion in total revenue, or 32% of all revenue generated by reporting businesses that year.”
LA Wildfires
The authors reported that events like the LA wildfires could worsen this number. They also pointed out that many businesses are community financial anchors and that geographic areas can suffer financial reverse because of climate damage. This includes local labor and infrastructure.
Brooking used data from the US Census American Buniess Survey annual report.
Same Areas Year After Year
It should not be surprising that the geographic areas cited as troubled were those that have recently experienced major weather disasters. “While businesses in metro areas across the U.S. are at risk of extreme weather, in 2022, a higher proportion of businesses across the Southeastern seaboard, Northern California, and the Pacific Northwest experienced monetary loss.”
The loss pattern will likely continue based on repeated catastrophes in these regions.
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