What Is Not Addressing Climate Change Costing You?

What Is Not Addressing Climate Change Costing You?

In 2011 and 2012, there were 25 extreme weather events that caused $1 billion or more in damages.

Extreme Weather Events By Categoru.bmp
From the Center for American Progress

What Did These Events Cost You?

Total estimated economic damages: $188 billion
Cost to taxpayers: $136 billion
COST TO INDIVIDUAL TAXPAYER: $1,610
Fatalities: 1,107 fatalities
67 percent of U.S. counties and 43 states directly affected by extreme weather events

Extreme Weather Events - US Impact.bmp
From the Center for American Progress

In 2012, there were 11 extreme weather events.  This was the second most-extreme weather year.

19 states had their warmest year ever.  356 all-time high temperature records were broken.  34,008 daily high temperature records were set or tied, compared to just 6,664 daily record lows—a ratio of 5-to-1.  More than 3,500 monthly weather records for heat, rain, and snow were broken. 

What Did These Events Cost You?

Total economic cost: $139 billion (equal to a 2.7 percent increase in sales taxes)
Cost to taxpayers: $96 billion
COST TO INDIVIDUAL TAXPAYER: $1,100
Cost to private insurers: $33 billion
Taxpayers paid almost three times what private insurers paid out to cover these disasters. 

How Else Could $96 Billion Have Been Spent?

5,190,030 college tuition payments
25,013,027 grocery bills
28,976,758 health care bills
78,048,780 social security payments
36,158,192 trips to the gas station

The $96 billion spent by the federal government on extreme weather is more than what was spent on education, transportation, housing, health, or veterans’ benefits.

FY 12 Non Defense Discretionary Chart.bmp
From the Natural Resources Defense Council

Spending on Extreme Weather Events is Increasing

Billions of dollars in damages from extreme weather events increasing in frequency.bmp
From the Center for American Progress

Being Prepared Saves Money

The Federal Emergency Management Agency (FEMA) estimates that “a dollar spent by FEMA on hazard mitigation (actions to reduce disasters) provides the nation about $4 in future benefits.”
There is a possibility of even greater savings: A study by Stanford and Loyola Marymount universities found that “$1 spent on preparedness is worth about $15 in term of the future damage it mitigates.”

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1 The Center for American Progress states that “this is a conservative estimate because disaster-spending figures for some federal disaster programs were unavailable.” The amount is also subject to increase.
2 Average cost of tuition for all institutions from 2010-2011 was $18,497.00, http://nces.ed.gov/fastfacts/display.asp?id=76
3 Average at home food expenditure for 2011 was $3,838.00, http://www.bls.gov/news.release/cesan.nr0.htm
4 Average health care expenditure for 2011 was $3,313.00, http://www.bls.gov/news.release/cesan.nr0.htm
5Average social security payment at the beginning of 2012 was $1,230.00, http://ssa-custhelp.ssa.gov/app/answers/detail/a_id/13/~/average-monthly-social-security-benefit-for-a-retired-worker+
6 Average gasoline and motor oil expenditure for 2011 was $2,655.00, http://www.bls.gov/news.release/cesan.nr0.htm