ZUMAPRESS.com / MEGA
IT IS hard to keep up. First, Hurricane Harvey deluged Houston, then Irma left a trail of destruction through the Caribbean and Florida, followed by Maria. All the while, wildfires have been raging in California and elsewhere.
Things got even more extraordinary when Ophelia turned into a major hurricane further east in the Atlantic than any other storm on record has. As it hit Ireland, it blew smoke from wildfires in Portugal over the UK, turning the skies apocalyptic red.
And while these events dominated Western media, there is plenty going on elsewhere. In August, unprecedented flooding in India and Bangladesh affected 40 million people.
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“The impacts of climate change are no longer subtle,” says Michael Mann of Penn State University. “The last month and a half has been an exclamation point.”
These disasters are causing much suffering and misery. They are also hurting countries’ economies, which has an indirect effect on everyone, even those outside the disaster paths.
Almost every nation agrees that we can’t afford not to limit further warming. That’s why they signed up to the Paris climate agreement. But just how bad will the effect on the global economy be, and how much should countries spend now to limit the economic fallout? Some recent studies suggest we are wildly underestimating the long-term damage – perhaps by a factor of 100.
“It is estimated that hurricanes Harvey, Irma and Maria could cost the US over $400 billion”
The headline figures are bad enough. It is estimated that hurricanes Harvey, Irma and Maria could cost the US alone over $400 billion. Globally, this