Costliest climate disasters of 2024 / Killed 2,000 people and caused $229 billion in damages
The world's 10 costliest climate disasters of 2024 caused $229 billion in damage and killed 2,000 people, the latest annual analysis of insurance payouts has found. Three-quarters of the financial collapse occurred in the world's largest economy, the US.
For the first time since the ranking was compiled in 2018, there were two storms in a single year responsible for more than $50 billion in losses: Hurricanes Helene and Milton hit the US in September and October.
Among the biggest disasters are Typhoon Yagi in Southeast Asia, which killed at least 829 people and caused economic losses of 12.6 billion dollars; Storm Boris in Europe, which killed at least 26 and caused $5 billion in damage and devastating floods in southern China, Bavaria, Valencia and Rio Grande do Sul in Brazil.
The growing financial impact of human-caused climate change was evident in another respect: all 10 major disasters racked up bills of more than $4 billion. In any case, climate scientists calculated how much more likely catastrophes were from burning fossil fuels, such as gas, oil and coal.
The ranking is compiled at the end of each year by Christian Aid, using data from insurance payments. The charity said the true cost of disasters is likely to be much higher because many people are uninsured, especially in poor countries.
The NGO noted that other major climate disasters in 2024 had a lower immediate financial impact but would have an incalculable cost in terms of deaths, destruction of important global ecosystems and long-term damage to food supplies, social stability or sea level. This included floods in West Africa, landslides in the Philippines, droughts in Southern Africa and heat waves in Bangladesh, Gaza and East Antarctica.
In view of these disasters, scientists urge global policymakers to reduce emissions and increase compensation payments to poor countries.
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