A new report by the National Bureau of Economic Research highlights the significant social value of hurricane forecasts, noting that improvements in forecasting since 2007 have reduced costs by 19%, averaging $5 billion per hurricane. Flooding, which has become increasingly severe due to extreme weather, costs the U.S. economy between $179.8 billion and $496 billion annually, according to data from the Senate Joint Economic Committee. Additionally, May 2024 saw a stormy and destructive spring in the U.S., with 11 separate billion-dollar disasters, including a deadly tornado outbreak causing $4.7 billion in damages. The National Oceanic and Atmospheric Administration (NOAA) reported that weather damages have surpassed $25 billion so far this year, with 11 confirmed weather and climate disaster events each exceeding $1 billion in losses.
Extreme weather caused damages worth $41 billion in six months since COP28 The report focuses on four of the most devastating extreme weather events scientifically attributed to climate change since COP28: floods in southern Brazil, Southwest Asia, and East Africa, and extreme… https://t.co/Dcc8ifaUuy
Why tornadoes are more destructive than ever in the U.S. https://t.co/Tjgusydn6w
There had been 11 confirmed weather and climate disaster events so far in 2024 with losses exceeding $1 billion, with the total price tag topping $25 billion, according to NOAA. https://t.co/Mc9qsPS4MF https://t.co/eHsT8avn4w
May tornadoes and derecho storm push weather damages past $25 billion so far this year https://t.co/An1HoT3od9
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A deadly outbreak of tornadoes last month caused $4.7 billion in damages across the Southern, Southeastern and Central U.S., making it one of the costliest weather events of the year so far, the National Oceanic and Atmospheric Administration said Monday. https://t.co/rL8mlTZBwh
New report: "the total cost of flooding in the United States is between $179.8 and $496.0 billion each year in 2023 dollars." https://t.co/DpzKy9fjVV
Flooding — which has gotten increasingly severe in an era of extreme weather — costs the U.S. economy an estimated $179.8 to $496 billion per year in 2023 dollars, according to new data from Democrats on the Senate Joint Economic Committee. https://t.co/ra4MkdDIE3
(1 of 6) JUST IN: May 2024 wrapped up a stormy, destructive spring for the U.S. 11 separate billion-dollar disasters have struck the nation so far this year. More from our #May 2024 #StateofClimate Report: https://t.co/JYMFloopoS #BillionDollarDisasters @NOAANCEI https://t.co/zn0Er7Jvpl
New @nberpubs: "The Social Value of Hurricane Forecasts" https://t.co/gFpUt7zDeu "Improvements [in forecasting] since 2007 reduced costs by 19%, averaging $5 billion per hurricane. This exceeds the annual budget for all federal weather forecasting." https://t.co/VyfqUCvDHN