In its first-ever such assessment, the White House Office of Management and Budget has found that floods, fires, and drought fueled by climate change could take a massive bite out of the U.S. federal budget per year by the end of the century.
The upper range of climate change’s hit to the budget could total a 7.1% annual revenue loss, equal to $2 trillion a year in today’s dollars.
The analysis found that the federal government could spend an additional $25 billion to $128 billion annually on expenditures such as coastal disaster relief, flood, crop, and healthcare insurance, wildfire suppression and flooding at federal facilities.
Increased wildfires could boost federal fire suppression costs between $1.55 billion to $9.6 billion annually.
Nearly 12,200 federal buildings and structures could be flooded as seas rise, with nearly $44 billion in replacement costs.
Excerpt from SUN DAY Campaign‘s April 5th, 2022 issue.