Climate Crisis Costs $16 Million per Hour in Extreme Weather Damage Over Last 20 Years

The climate crisis caused $16 million per hour in extreme weather damage over the last 20 years, totaling $140 billion per year on average.

Storms accounted for two-thirds of climate-related costs, while heatwaves and floods/droughts were also major factors.

Lack of data, especially from low-income regions, means the $140 billion annual estimate is likely an underestimate.

The damage estimates are much higher than previous model estimates, showing the real impacts of extreme events exacerbated by climate change.

The methodology could help determine funding needs for climate damage aid and reparations agreed upon at recent UN climate summits.