TRRSF - U.S could face $2T loss each year by end of 21st century on climate change: White House

The U.S. federal budget could lose a whopping $2T per year by the end of the 21st century, as natural disasters have been made worse by climate change, according to a blog post by the President's Office of management and Budget.  Moreover, climate change could cost the federal budget an annual loss of 7.1% by the end of the century, the blog post read. At the same time, the federal government could spend an additional $25B-128B per year to confront climate change with initiatives such as coastal disaster relief, flood insurance, crop insurance and wildland fire suppression.  "Climate change threatens communities and sectors across the country, including through floods, drought, extreme heat, wildfires, and hurricanes that affect the U.S. economy and the lives of everyday Americans," they wrote. “Future damages could dwarf current damages if greenhouse gas emissions continue unabated.” Property and casualty insurers that may be impacted include: American International Group

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U.S could face $2T loss each year by end of 21st century on climate change: White House