The facts are crystal clear. The number of extreme weather events causing at least $1 billion in economic losses have increased from 21 in the 1980s and 38 in the 1990s to 92 in the last decade (2007-2016) –a more than a two-fold increase compared to the 1990s and more than a four-fold increase compared to the 1980s9 (Figure 1).

The number of severe storms experienced the most significant increase in the last decade, with more than a four-fold increase compared to the 1990s. Drought events have almost doubled in number in the last decade, compared to the 1980s and 1990s. As a result of severe storms and hurricanes, flooding events in the last decade increased by almost a two-fold compared to the 1990s (Figure 2).

The cost from these weather events influenced by human-induced climate change, with at least $1 billion each in economic losses and damages, have significantly escalated from $145.7 billion in the 1980s and $211.3 billion in the 1990s to $418.4 billion in the last decade –a two-fold increase compared to the 1990s and an almost three-fold increase, compared to the 1980s10 (Figure 3).

Hurricanes caused the most economic losses in the last decade, with $144.6 billion, compared to $97 billion and $36.1 billion in the 1990s and 1980s respectively. The most significant increase in economic losses and damages, however, are from severe storms, which experienced a more than a four-fold increase in the last decade compared to the 1990s (Figure 4).

The rising trend continued in the 2000-2006 period, with $377 billion in economic losses and damages from 31 extreme weather events. The most costly event in that period was hurricane Katrina which caused $160 billion 11 in economic losses, affecting Louisiana, Mississippi, Alabama and Florida in August 200512.

Economic losses from extreme weather events are rapidly escalating. The economic losses of hurricanes Harvey, Irma and Maria and the wildfires in the nine Western states combined could be as high as the aggregate economic losses from the 92 events in the last decade13.

The economic impact of extreme weather events influenced by human-induced climate change can be severe for a region or a state. For example:

Agricultural production in the United States is highly dependent on rain. In 2012, only six percent of all farmland was irrigated14. Drought, thus, affects crop output impacting food availability and driving up food price for consumers. It also affects farmers’ livelihoods.