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The human and economic costs of extreme weather. July 2021's floods across Germany, Belgium, Luxembourg and the Netherlands generated an estimated $43 billion in damages and approximately 200 fatalities. The level of flooding and damage was unprecedented in this particular region. Abnormally high water levels in rivers — also attributable to ...
In February 2024, cocoa prices globally hit a record high, as crops in West Africa were impacted by dry weather, according to the BBC. It meant the cost of the chocolate ingredient had doubled since the beginning of 2023. The two biggest cocoa bean-growing countries - Ghana and Ivory Coast - have been affected by the El Niño weather phenomenon ...
Extreme weather events can also have a major impact on the economy. Europe lost nearly half a trillion euros because of extreme weather events from 1980 to 2000. Twenty extreme weather events in 2021 cost the U.S. at least $145 billion dollars. Individuals and communities can take a long time to recover from the hit of a major disaster.
La Niña is a weather pattern that occurs in the Pacific Ocean. It changes ocean temperatures, causing severe weather conditions. The “cold event” causes winter temperatures to soar in the south but cool in the north. Climate-sensitive sectors like agriculture, health, water resources and disaster management are likely to be affected.
Although extreme weather is uncontrollable, companies can mitigate its financial impact through insurance. One of the fastest-growing forms is known as parametric insurance. Originally created as a form of catastrophe insurance, parametric insurance is finding additional uses to protect against extreme weather, other natural disaster risks ...
The data shows 63% of extreme weather events studied were made more likely or more severe by human-caused climate change. In 32% of cases, the evidence was either inconclusive or there was no discernible human influence. Interestingly, 5% of studies revealed human activity actually made extreme weather events less likely or less severe.
Environmental risks continue to dominate the risks landscape over all three time frames. Two-thirds of GRPS respondents rank Extreme weather as the top risk most likely to present a material crisis on a global scale in 2024 (Figure B), with the warming phase of the El Niño-Southern Oscillation (ENSO) cycle projected to intensify and persist until May this year.
Weather, climate and water-related hazards account for at least half of all global disasters over the past 50 years, according to new data. The global bill for storm damage in the past half-century comes to $521 billion. Scientists say climate change is accelerating extreme weather events.
Over the past decade, extreme weather has displaced 20 million people a year, Oxfam’s Forced from Home report states. That’s the equivalent of the population of China’s capital city, Beijing, having to leave their homes each year. Nobody is immune from this growing threat, but poor countries are more vulnerable than their wealthy neighbours.
But global warming is already changing the way many of us live or think. 1. Health suffers because of climate change. Climate change is the biggest health threat facing humanity, the World Health Organization says, estimating that it will cause around a quarter of a million additional deaths each year in 2030-50.