Climate-Fueled Extreme Weather Costs US Nearly $100 Billion a Year: Study

The climate crisis is already having a major impact on the U.S. economy, and the damages are only going to increase.A new report from the reinsurance company Swiss Re estimates climate change is currently costing the U.S. roughly $97 billion per year. This cost comes from the increased frequency of natural disasters that are connected to climate change, which is driven by the burning of fossil fuels.

The report says climate change impacted 3% of the country's GDP. The U.S. saw a 0.4% impact on its yearly economic output.The report states that all countries must do whatever possible to reduce greenhouse gas emissions to help lessen the potential economic costs of climate change-related natural disasters. It says countries must also better prepare for the effects of climate change to reduce these costs. One effect of climate change, increased heatwaves, was not factored into this report.

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