Consumers are facing significant financial threats from climate change, experts say. A White House report warns that severe weather events such as heat waves, heavy rains, drought, hurricanes, floods, and wildfires cause significant direct and indirect costs for American households. Research estimates that the U.S. now experiences a billion-dollar disaster every three weeks. Economic impacts include water stress, agricultural loss, tourism impacts, falling real estate value, property and infrastructure damage, and more. For every degree of global warming, economic costs rise, and the impacts of climate change are often unpredictable. Disasters lead to evacuation costs, workplace injuries increase as the number of hot days rise, and crop yields decline, causing residents to relocate and food prices to rise. The report, “This week, your wallet,” indicates that there are actions that individuals can take to mitigate these impacts. Reviewing insurance policies, considering climate risk when selecting a home, and supporting companies and industries with green initiatives are all steps that Americans can take to protect themselves and the environment.
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