The US is experiencing yearly losses of $150 billion due to climate change - an overview

This year's wildfires in Lahaina, Hawaii, resulted in the deaths of more than one hundred people. The estimated financial loss is estimated to be nearly $6 billion.

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 The US National Climate Assessment report, released in November of this year, indicated that the United States now experiences a weather event causing a minimum of one billion dollars in damage every three weeks, whereas such events used to occur at a rate of approximately every four months forty years ago.

 The National Oceanic and Atmospheric Administration has recorded 25 climate- and weather-related disasters that have caused damages of more than $1 billion as of November 8. This amount surpasses the number of disasters from last year, and that is without taking into account the last two months of the year.

 The authors of a report estimate the annual cost of extreme weather events for the United States to be a whopping $150 billion, due to direct damage to infrastructure, worker injuries and agricultural losses. The report further states that these figures are predicted to climb due to the predicted rise in sea levels and increase in temperatures.

 This year, the wildfires in Hawaii, which caused the death of more than one hundred people and the destruction of thousands of residences and corporations, had a fiscal impact of $5.6 billion as estimated by the National Centers for Environmental Information, a wing of NOAA.

 A fireman was seen putting out embers in a residence located in Coronado Pointe, Laguna Niguel, California on Thursday, May 12, 2022. The wildfire destroyed a total of 20 homes after it had first started in Aliso Woods Canyon the day prior.

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 The housing sector is being detrimentally influenced by climate change, and it is having a damaging effect on the home insurance business.

 Homeowners are increasingly becoming aware of the realities of climate change and how it can affect their real estate. Insurance companies have taken note of this and are now offering different packages to homeowners to help them prepare for natural disasters. These policies offer protection against losses from fires, floods, and other extreme weather events. The coverage often includes replacement of lost belongings, repair of damaged property, and help with medical and legal costs. In addition, some policies also include coverage for temporary living expenses and coverage for additional costs associated with rebuilding.

 The financial repercussions of hurricanes are also noteworthy. As the report states, an April 2020 study from MIT's Center for Real Estate showed that hurricane-induced property damage can cause homeowners to become delinquent on their mortgages due to financial strain. Additionally, the research showed that flooding and rising sea levels can bring down the value of homes as people move away from flood-prone areas.

 Research published in 2017 by Tatyana Deryugina, a finance professor at the University of Illinois Urbana-Champaign, shows that hurricanes in the United States can have a financial strain on government budgets due to the increased disbursement of social safety nets like unemployment insurance and public medical payments.

 The National Climate Assessment report computes the yearly cost of climate change in the United States based on various factors; however, it does not factor in the value of lives lost or healthcare expenses.

 At a quick look, one can observe an amount of $150 billion.

 In order to put $150 billion into perspective, CNN researched some meaningful comparisons.

 In the United States, the yearly financial burden of extreme weather, estimated at $150 billion, is seen in the destruction it causes.

•  The World Bank Data shows that it was greater than Morocco's GDP in the last year
• Forbes Billionaires list states that it is equal to Larry Ellison's net worth, the co-founder of Oracle
• CNN estimates that it would cover roughly five weeks' payment for all Social Security recipients as of September
• In 2022, US Department of Agriculture data reveals that it was more than the amount the US government gave to 41 million people who had food stamps
• The Quarterly Report on Household Debt and Credit from New York Federal Reserve indicates that the amount is equal to about 9% of the total student loan debt in the US

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 The potential of utilizing renewable energy sources is becoming increasingly apparent. It is being seen more and more that these sustainable resources can be used to great effect. The advantages of renewable energy are clear, with less pollution and a reduction of reliance on non-renewable sources. Consequently, the utilization of renewable energy is on the rise and will likely continue to increase in the future.