What is the impact of extreme weather on global economies in?.

Extreme weather events, such as hurricanes, floods, and droughts, have profound impacts on global economies. These events disrupt supply chains, damage infrastructure, and lead to increased insurance claims. Countries reliant on agriculture may face crop failures, while urban areas may experience significant property damage, affecting local businesses and overall economic stability.

Key Facts

• The global economic cost of natural disasters exceeded $200 billion in 2023.
• Agricultural losses due to extreme weather could rise by 15% annually by 2025.
• Approximately 20 million people were displaced by climate-related disasters in 2023.
• The insurance industry reported a 25% rise in claims from extreme weather events in the last year.

Examples or Use Cases

• In 2023, Hurricane Ian caused an estimated $112 billion in damages in the U.S., significantly impacting local economies.
• Droughts in East Africa led to increased food prices and economic instability in countries like Kenya and Ethiopia.

FAQs

• How do extreme weather events affect employment rates? Extreme weather can lead to temporary job loss in affected sectors, while recovery efforts may create new jobs in construction and emergency services.
• What sectors are most vulnerable to extreme weather? Agriculture, tourism, and manufacturing sectors are particularly susceptible to disruptions from extreme weather.