$50 Billion Price Tag for Sandy Only the Beginning

Moody’s Analytics estimates the damage from the recent hurricane Sandy at around $50 billion.

That’s a lot of money, but it is only the beginning. Much more of these extreme weather events will follow, even if humanity finally wakes up to the threat and starts reducing CO2 emissions.

Of course, the Stern Review of 2007 estimates damages between 5 and 20% of global GDP. Global GDP was at about $78.95 trillion in 2011 (Wikipedia).

That would be between about $3.95 and $15.79 trillion.

$ 50 billion would be around 1.27% of the former figure, and about 0.32% of the latter.

So, with all due respect to those who have suffered damages from this particular event, this is still close to nothing compared to what is still to come. That “inconvenient truth” title should have been “horrible truth”.

Storms like this, and all the other catastrophic consequences expected from global meltdown, are not mere inconveniences.

 

Published by kflenz

Professor at Aoyama Gakuin University, Tokyo. Author of Lenz Blog (since 2003, lenzblog.com).

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