An increase in extreme heat and severe droughts lops off about 0.2% of a country’s GDP, a new study found.
Severe weather costs the global economy billions of dollars a year, highlighting the costs of climate change and the value of mitigating extreme weather, according to a new analysis of weather and economic data.
“This research gives guidance to policymakers to consider what kind of extreme events we should adapt to,” said Berkay Akyapi, Ph.D., co-author of the new study and a professor of business at the University of Florida. “If we don’t do anything to respond to these climate shocks, we are hurting the economy.”
