Global disasters in 2017 cost $306 billion, Climate Change Effect?

Climate Change

We have a new analysis from Swiss Re, an insurance firm that calculates economic loss from global disasters. The firm makes this calculation every month, estimates that total economic loses in 2017 is 306 billion dollar which is almost double from 2016 analysis. Extreme weather conditions include hurricanes, earthquakes and wildfires caused heavy loses to the world in 2017. In 2016, we have a loss of 188 billion dollar and last 10-year average is 190 billion dollars. This is another example of climate change and global warming which forces us to take this on a serious note.

Climate Change

See the trends depicted in below picture since 1970, we should now prepare for heavier loses in near future if we will continue to harm nature at the same rate. The hurricanes that hit the US in 2017 are very strong as compared to all hurricanes since last 12 years. These extreme weather conditions are just an indication of nature that either we should go ahead and change our living or get ready for worse results in future. All three hurricanes Harvey, Irma, and Maria are estimated to have caused a loss of $93 billion to the US. Also, $7  billion will be added from California forest fires. Thunderstorms in central and southern states in the US will contribute another $2.5 billion. These losses show that if these disasters will not happen how much money will be the spender in the development of the area.

climate change

We have just looked at economic losses from natural disasters from richer countries because developed countries have higher economic loses as compared to poorer countries. Let’s take an example of the south and southeast Asia floods happen in 2017 that caused 1,200 deaths and displacement of tens of thousands. So, there are numerous effects of climate change we have across the world and losses to poorer countries have not included in this report. So, the purpose of the report is very simple that all governments across the world should take climate and global warming more seriously now and move towards clean energy.

We are not saying that these wildfires, hurricanes and earthquakes have not happened in the past but if we look at the intensity, it is much higher as compared to the last 12 years disasters. The reason is very simple because of climate change and global warming. If we will not take right steps these disasters will be more intense. However, predicting economic losses will be more difficult. Now, we have the only solution is to mitigate climate change and global warming or else get ready to face more devastating results which could even cause the extinction of life on Earth.

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