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In 2022 alone, the cost of climate and weather disasters in the United States totaled more than $176 billion – the third most costly year on record, and 13 percent of Americans reported economic hardship from disasters or severe weather events within the past year.
Is there a Connection Between Climate Change and Economic Wellbeing?
The Federal Reserve's "Economic Well-Being of U.S. Households in 2023" report, released in May 2024, provides insights into the financial status of American households. While the report primarily focuses on economic factors, we started thinking: What is the impact of climate change on American household finances (i.e. economic wellbeing)?
Good news: The U.S. Department of Treasury has some data.
According the report entitled, THE IMPACT OF CLIMATE CHANGE ON AMERICAN HOUSEHOLD FINANCES climate change poses significant risks to household finances, particularly affecting communities through increased costs associated with natural disasters and related insurance premiums. Simply put, households can experience significant financial strain through pressures to their income and expenses. While there are many challenges, policymakers, including government at all levels, communities, and households have opportunities to mitigate financial burdens from climate hazards.
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The Climate Dictionary
If you’re struggling to keep up with the climate conversation, the Climate Dictionary is for you. Read it, bookmark it, make use of it in your climate action work 📢