Weather disasters limit prosperity, also for many industrialised countries
14 days ago
- #weather disasters
- #economic impact
- #climate change
- Weather disasters are increasingly costing the world's largest economies, with losses significantly higher in eight of the top ten industrialized nations compared to the 1980s, particularly in the USA, Germany, and India.
- The analysis highlights how weather extremes are eroding economic prosperity, with prevention investments being more cost-effective than post-disaster rebuilding.
- The USA, Germany, and India reported the highest mean losses relative to Gross National Income (GNI) over the past five years, with the USA seeing a fivefold increase since the 1980s.
- Prevention measures, such as flood protection in China, have successfully reduced losses, demonstrating the value of proactive investment.
- The insurance gap varies by country, with some like China and Brazil having very high uninsured losses, while others like the USA and Germany have lower gaps.
- Climate change is making extreme weather events more frequent and intense, as seen in events like the 2021 Ahr Valley floods in Germany and the 2024 floods in Brazil.
- Different regions face distinct challenges: North America with tropical cyclones and severe thunderstorms, Europe with floods and winter storms, and Asia with typhoons and floods.
- The analysis underscores the growing economic burden of weather disasters and the urgent need for enhanced prevention and adaptation strategies.