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Home ยป 10 climate disasters in 5 years cost $1.5 trillion

10 climate disasters in 5 years cost $1.5 trillion

10 climate disasters in 5 years cost $1.5 trillion

Calculating the growing costs of climate disasters Insurers and risk modelling experts say climate change is increasing the cost of natural disasters, as rising sea levels and drought increase the frequency and severity of floods and wildfires.

The biggest losses typically occur in wealthier countries with more expensive assets: the 2019-2020 bushfires in Australia rank third on the list at a cost of $110 billion ($167 billion). But developing countries like Pakistan, which suffered floods this year at an estimated cost of $40 billion, are also bearing the brunt of bad weather.

How to get money to poorer countries after weather disasters was a dominant topic at the COP27 climate talks in Egypt, and insurance is seen as one way to do it.

Also launched at the climate conference was a G7-led plan called Global Shield to provide disaster protection funds and pre-arranged insurance to countries suffering from climate disasters.

The 10 “climate disasters”

  • California wildfires (2017 to 2018)

Worst fires: Tubbs Fire October 2017, Camp Fire November 2018

2017 loss: $US180 billion

2017 deaths: 40

2018 loss: $US148.5 billion

2018 deaths: 103

Total loss: $US328.5 billion

Source: Flickr
  • Atlantic hurricanes Harvey (2017)

Harvey loss: $US125 billion

Harvey deaths: 88

Irma loss: $US65 billion

Also Read:  Economic losses from extreme sky rocket in Asia

Irma deaths: 134

Maria loss: $US107 billion

Maria deaths: 4600

Total loss: $US297 billion

File:Pre-TD1 IR satellite MERRA-2 loop and 500mb heights 1988-05-29 to 1988-06-01.gif
Source: Wikimedia Commons
  • Aussie bushfires 2019-20

Total loss: $US110 billion

Deaths: 34

Source: Flickr
  • Hurricane Ian (Florida, September 2022)

Total loss: more than $US100 billion

Deaths: 101

Source: Flickr
  • Hurricane Ida (New Jersey and New York, August 2021)

Total loss: $US75 billion

Deaths: 107

Source:  pix4free
  • German / Belgian Floods 2021

Total loss: €40 billion ($62 billion)

Deaths: 230

Source: Wikimedia Commons
  • Pakistan floods 2022

Total loss: $US40 billion

Deaths: 1717

Source: Wikimedia Commons
  • Japan Typhoons 2019

Faxai loss: $US9.1 billion

Hagibis loss: $US17 billion

Hagibis deaths: 85

Total loss: $US26.1 billion

Source: Wikimedia Commons
  • European heatwave 2022

Total loss: more than €10 billion

Deaths: 1500 as a result of excess heat

Source: NARA
  • US / Canada Heatwave 2021

Total loss: $US8.9 billion

Fatalities: 1400 as a result of excess heat

Source: Wikimedia Commons

Also, Read

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