Costs of Climate Change To Rise Very Soon
Florida has been hit especially hard by the economic recession. In 2008, Florida’s GDP declined by 1.7 percent. That’s even worse than what happened in Michigan.
It’s kid stuff, however, compared to the economic devastation that Florida can expect to arrive by 2030. Florida could have a 10 percent reduction in its GDP by that time, unless it takes steps to prepare now. That’s the equivalent of having the kind of economic disaster we saw in 2008 happen in 6 of the next 21 years – once every three to four years.
Climate change is already a significant economic drain in crisis spots around the world, but we can expect the cost of dealing with climate change to rise significantly in the near future. The warning comes from the Economics of Climate Adaptation Working Group, a group sponsored by the United Nations, and it ought to serve as a reminder to those who complain about the cost of climate change legislation – the cost of doing nothing will be much, much greater.