Costs associated with hurricane damage will increase over the next several decades as a result of climate change and coastal development, the Congressional Budget Office (CBO) estimated in a report released Thursday.

"The growth in expected hurricane damage is expected to exceed the growth in the nation’s ability to pay for such damage," the CBO said in its report, which was prepared for Sens. Bernie Sanders Bernie SandersNYT editorial board remembers Ginsburg: She 'will forever have two legacies' Two GOP governors urge Republicans to hold off on Supreme Court nominee Sanders knocks McConnell: He's going against Ginsburg's 'dying wishes' MORE (I-Vt.) and Patty Murray Patricia (Patty) Lynn MurrayTrump health officials grilled over reports of politics in COVID-19 response CDC director pushes back on Caputo claim of 'resistance unit' at agency The Hill's Morning Report - Sponsored by The Air Line Pilots Association - Pence lauds Harris as 'experienced debater'; Trump, Biden diverge over debate prep MORE (D-Wash.).

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The agency estimates that annual hurricane damage will rise from 0.16 percent of gross domestic product (GDP), which is about $28 billion, to 0.22 percent of GDP by 2075, which is about $39 billion in today's economy. About 55 percent of the increase in costs is due to urban development on U.S. coasts, and the rest is due to climate change.

The CBO also predicts that over time, more people will live in areas with substantial hurricane damage. Currently, about 1.2 million people live in counties that face a significant level of expected hurricane damage, but by 2075 the number will be about 10 million.

If the ratio of spending to damage stays about the same over time, federal costs will increase from 0.10 percent of GDP, which is about $18 billion, to 0.13 percent GDP in 2075, which is about $24 billion in today's economy, the CBO said.

"Extreme weather disasters like hurricanes will devastate communities and cost the American taxpayers billions of dollars,” Sanders, who is seeking the Democratic presidential nomination, said in a statement. “When it comes to addressing climate change, the most expensive option is to do nothing at all. We have a financial and moral obligation to combat climate change.

- updated at 5:27 p.m.