Climate change is burning through the US economy, according to a new report.

Researchers said the social carbon cost (SCC) of climate change is costing the US $250 billion per year, data in a study published in Nature Climate Change shows. This places it among the top three nations, including India and Saudi Arabia, expected to be hit hardest by the economic impact of climate change. China, the world’s largest CO2 emitter, also ranks in the top five.

The SCC measures how much damage an economy can expect to incur from climate change-related events, such as sea level rise, food insecurity, the spread of diseases and increased severity of deadly storms, among other disasters. These impacts can cost businesses, governments and taxpayers billions of dollars.

Most research into the economic toll of climate change focuses on how industrialized nations are reaping all the benefits of fossil fuel consumption while developing countries are hit with environmental and social destruction. Since carbon dioxide pollutes the entire globe and not just the country it came from, previous analyses have only looked at the global social cost of carbon.

But the latest study is the first of its kind to show how much economic damage individual countries will suffer from the effects of climate change.

“We all know carbon dioxide released from burning fossil fuels affects people and ecosystems around the world,” Kate Ricke, the lead author of the story, said in a statement. “However, these impacts are not included in market prices, creating an environmental externality whereby consumers of fossil fuel energy do not pay for and are unaware of the true costs of their consumption.”

Currently, the Environmental Protection Agency (EPA) has global costs of SCC ranging from $12 to $62 per metric ton of CO2 emitted by 2020. But the latest data places the costs ranging from $180 to $800 per ton of CO2, totaling $250 billion for the 5 billion metric tons of CO2 the US emits each year.

Specifically, researchers place the SCC of the US at $48 per ton, India at $86, Saudi Arabia at $47 and China, Brazil and the United Arab of Emirates at $24 each.

The EPA routinely uses the SCC to inform policy decisions, claiming climate change doesn’t actually harm the economy. Ricke said the idea that only other countries would benefit from the US reducing its CO2 emissions is “a total myth.”

To determine the country-by-country effects, researchers combined results from various climate studies and models showing the geographic pattern of warming and how different climate systems are responding to carbon emissions.

“We consistently find, through hundreds of uncertainty scenarios, that the US always has one of the highest country-level SCCs,” Ricke said, adding larger economies always have more to lose. “Still, it’s surprising just how consistently the US is one of the biggest losers, even when compared to other large economies.”

The study’s authors hope the research will help incentivize countries to take a larger role in combating climate change, once they understand how much their own country stands to lose.