Climate Change Costs Billions of Dollars


Via Flickr

Josie Taylor | August 30, 2021

Today, we are seeing natural disasters hit all over the United States. There are devastating floods in Tennessee, fires across the west destroying trees, property and wildlife, and hurricane damage is being seen across the Atlantic and Gulf coasts.

In 2020 $11 billion of damages were seen across the midwest from the derecho.  850,000 acres of crops were destroyed. 

Already in 2021, $40 billion in insured damage from natural disasters has been reported world-wide. The 2021 damage so far is above the 10-year average of $33 billion. The only other year with more costly damage was 2011, when earthquakes in Japan and New Zealand sent the six-month total to $104 billion.

Swiss Re, a global insurance and reinsurance company, said the increased cost of natural disasters can be attributed to climate change. Climate change is causing a rise in temperatures, sea levels and weather extremes. 

Iowa lawmakers can help with these catastrophic prices. They can extend solar tax credit, which gives intensive to use efficient renewable energy. Iowa also has not completed a baseline study of buildings’ compliance with energy efficiency standards since 2011. These are ways Iowa can help with problems caused by climate change. With the increase in costs worldwide, these costs are bound to hit average American families if nothing is done about it. 

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