The financial impact of extreme weather events linked to human-caused global warming is staggering, with studies revealing that these events cost approximately $143 billion annually. Over the past two decades, the cost of damages from these climate crisis-related events has accumulated at an astounding rate of $16 million per hour.
Between 2000 and 2019, the total cost of extreme weather events attributed to human-caused climate change reached a chilling $2.86 trillion. The majority of this, around 63%, is due to the tragic loss of human life. These yearly costs breakdown to nearly $90 billion attributed to human loss of life and $53 billion in economic damages.
Climate change has been identified as the culprit behind a net economic damage of $260.8 billion across 185 events, with storms accounting for over 64% of these damages. The average cost of climate-related extreme events was $143 billion a year from 2000 to 2019, a figure that nearly doubled in 2022.
The human toll is equally disturbing. Research indicates that 60,951 deaths were attributable to climate change, with a third of the costs related to property damage and other assets. These sobering figures highlight the urgent need for action and adaptation.
The findings from these studies are crucial as they provide valuable insights for determining funding for future responses to extreme weather events. They also play a significant role in allocating the United Nations’ loss and damage fund to aid countries affected by climate disasters.
The consequences of climate change are not just environmental, but they also have a significant human and economic impact. The urgency to act on climate change has never been more pressing. If we are to limit the damages and losses, comprehensive strategies for mitigation and adaptation need to be put in place, and fast.
