Although many of us have been enjoying the warm temperatures that we’ve been getting this October, it certainly has grave consequences for us and the rest of the planet.
The figure has been drawn over a 20 year period, and is the first of its kind which intends to help economically quantify the damage that climate change is doing to our planet. The study looks at a variety of different extreme weather conditions such as flooding, droughts, and hurricanes.
The yearly cost of this has been somewhere in the region of £115 billion per year from the turn of the millennium to 2019. As shocking as these figures may be, without the access to data in low income countries, these figures are likely to be grossly underestimated, with actual costs and damages likely to be much higher.
The study could help with a number of different things, namely ensuring that countries can get the correct amount of funds to help alleviate some of the pressure on their economies.