Worst Effects of Global Warming: Economic Consequences

The costs associated with climate change rise along with the temperatures. Severe storms and floods combined with agricultural losses cause billions of dollars in damages, and money is needed to treat and control the spread of disease. Extreme weather can create extreme financial setbacks. For example, during the record-breaking hurricane year of 2005, Louisiana saw a 15 percent drop in income during the months following the storms, while property damage was estimated at $135 billion [source: Global Development and Environment Institute, Tufts University].

Economic considerations reach into nearly every facet of our lives. Consumers face rising food and energy costs along with increased insurance premiums for health and home. Governments suffer the consequences of diminished tourism and industrial profits, soaring energy, food and water demands, disaster cleanup and border tensions.

And ignoring the problem won't make it go away. A recent study conducted by the Global Development and Environment Institute at Tufts University suggests that inaction in the face of global warming crises could result in a $20 trillion price tag by 2100 [source: Global Development and Environment Institute, Tufts University].

In addition to the loss of life caused by Hurricane Katrina, New Orleans and Louisiana have faced the economic consequences of billions of dollars in damage.





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