Extreme weather as a result of climate change costs the global economy an average of $143 billion (about 136 billion euros) every year. This is clear from a study conducted by the scientific journal “Nature Communications”. This is the first study to map the high costs of climate disasters.
Researchers Ilan Noy and Rebecca Newman studied the decades between 2000 and 2019. The study found that damages from extreme weather caused by climate change averaged $143 billion, although this number varies from year to year.
In reality, the amount may be higher, as there is hardly any data on the costs associated with disasters in poor countries. Additional costs resulting from lower yields and sea level rise are also not taken into account.
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During the same period, up to 1.2 billion people fell victim to climate-related damage. Storms such as Hurricane Harvey and Narcissus were responsible for two-thirds of the global cost. 16 percent were due to heat waves and 10 percent due to drought and floods.
The costliest year was 2003, when Europe suffered a severe heatwave; In 2008, when Cyclone Nargis passed through Myanmar; In 2010, when Somalia and Russia were exposed to a drought and extreme heat wave.
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