By 2100, The U.S. Could Lose $2 Trillion Per Year To Climate Change
The Biden administration’s Office of Management and Budget (OMB) released a new assessment finding that by the end of the century, the U.S. could be losing up to 7.1% in federal revenue per year from environmental and climate change-related disasters. That is equal to $2 trillion today.
It could also lessen U.S. GDP by 3% to 10%, while also leading to a $25 to $128 billion increase in spending toward coastal disaster relief, flood insurance, crop insurance, health care insurance, wildland fire suppression, and flooding at federal facilities—annually.
This assessment came days after the administration set aside $3.16 billion for the federal Weatherization Assistance Program (WAP), which would fund retrofits to approximately 450,000 homes to make them more energy efficient.