Extreme weather from climate change drives $2 trillion in economic losses

A report by the International Chamber of Commerce (ICC) reveals that extreme weather events, such as heavy rainfall, floods, and landslides, resulted in more than $2 trillion in global economic losses between 2014 and 2023.

The report examined over 4,000 extreme weather events during this period, finding that these events led to $451 billion in economic damage in just the last two years alone.

The United States suffered the highest economic losses, with damages amounting to approximately $935 billion, followed by China at $268 billion and India at $112 billion.

Other countries, including Japan, Germany, Australia, France and Brazil, also ranked among the top 10 nations facing the largest economic effects.

Around 1.6 billion people have been affected by these extreme weather events over the past 10 years.

ICC Secretary General John Denton commented: “The data from the past decade demonstrates that climate change is not a problem of the future but a current reality.”

He added that the economic effects of extreme weather events are still being felt strongly today.