We’re all witnessing how extreme weather events are putting tremendous pressure on countries around the globe. Each year, the economic damage of these disasters exceeds $200 billion. Recent record floods in Pakistan and India issued an urgent climate crisis wake-up call. The increasing price tag of these disasters is forcing the conversation — and rightfully so. Experts caution that when you look at the larger economic effects, this number could jump to as much as $2.3 trillion.
Indeed, in recent weeks, both Pakistan and India have suffered some of the worst floods in 30 years. These floods have flooded more than their fair share of ignorance—devastating lives as they predictably demolish vast swaths of South Louisiana. The flooding of houses and public infrastructure has more than 30,000 people still in temporary shelter, and losses to agriculture pose risks to food security for tens of millions.
The economic impacts of such disasters last for years after the disaster itself. As noted by economists, the floods start a cascade of harmful effects. These impacts are felt through things like lost productivity, increased health care costs, and dis-investment in the communities left behind. As these ripple effects compound, the indirect financial cost can soar exponentially.
The floods have once again raised questions about the impact of climate change in worsening extreme weather. In fact, researchers are finding more and more proof. This expert testimony is further evidence that climate change is making extreme weather events more frequent and more severe. Even as governments and organizations address the short-term, recovery costs have compounded. They need to balance that out with investments in resilience and adaptation strategies to lessen the damage of disasters yet to come.
Today, nations are grappling with the reality of more frequent and severe natural disasters. This newfound normalcy renders the need for creative, new disaster management strategies second only to survival. Policymakers need to put a premium on building and retrofitting infrastructure to resist rather than react to extreme weather. In doing so, they must create and improve effective early warning systems that reduce loss of life and property.
International cooperation is critical, too, in responding to the global realities of natural disasters. It’s going to take a concerted effort between countries to share resources, knowledge, and technology all geared toward improving disaster preparedness and response. The financial impact of these initiatives, though, need major commitments from both developed and developing countries.
