World is paying $391 million per day and $143 billion every year to climate crisis everyday. All of this is related to the loss of human lives, accounting for 63% of the total. But how?
Over the last two decades, the globe has been dealing with the catastrophic effects of the climate crisis, at a staggering $391 million every day. This huge expense is the outcome of a slew of climate-related disasters, including wildfires, heatwaves, and droughts. A recent study published in the journal Nature Communications sheds light on the economic cost of these extreme events, indicating that they cost more than a hundred billion dollars every year between 2000 and 2019.
What's more, a considerable percentage of this cost, around $143 billion every year, is related to the loss of human lives, accounting for 63% of the total. The remaining costs are incurred as a result of the damage to property and other valuable assets.
When it comes to individual years, 2008 is the worst, closely followed by 2003 and 2010. These years were highlighted by terrible events such as Cyclone Nargis in Myanmar, a blistering heatwave over Europe, and severe heatwaves and droughts in Russia and Somalia, respectively.
As global temperatures continue to climb, the never-ending battle with catastrophic weather occurrences becomes increasingly more deadly. Summer 2023 has already been recorded as the warmest on record, laying the groundwork for a potentially record-breaking year. Across the Northern Hemisphere, we've seen an outbreak of heatwaves, wildfires, and floods. Furthermore, the re-emergence of the El Nio weather pattern after four years indicates the possibility of a wetter-than-usual winter in many regions of the planet.
However, it is important to highlight that these statistics are likely to underestimate the true costs of climate change because they fail to account for indirect losses such as lost productivity during heat waves, mental health impacts, and disruptions to education and employment. Also, the lack of data from low-income nations worsens the minimizing problem.
In light of these alarming figures, there is an urgent need for increased investment in adaptation programs, including flood protection and better early warning systems. The ever-increasing economic and human costs of climate change require a prompt global response.
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