
New Study Reveals Severe Weather Costs Global Economy Billions Annually
A recent analysis of weather and economic data reveals that severe weather events, driven by climate change, are costing the global economy billions of dollars each year. The research highlights the growing financial impact of extreme heat, droughts, and a reduction in mild weather days, all of which are hindering economic growth.
Berkay Akyapi, Ph.D., co-author of the study and a professor of business at the University of Florida, emphasized the importance of proactive adaptation. “If we don’t do anything to respond to these climate shocks, we are hurting the economy,” he said. The study suggests that extreme heat and severe droughts can reduce a country's GDP by about 0.2%, a figure that may seem small but equates to billions of dollars globally.
The research, conducted by Akyapi a...