{"id":114975,"date":"2025-05-09T10:24:33","date_gmt":"2025-05-09T14:24:33","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/sustainable-finance\/disaster-spending-hits-new-highs\/"},"modified":"2025-05-12T12:07:45","modified_gmt":"2025-05-12T16:07:45","slug":"disaster-spending-hits-new-highs","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/sustainable-finance\/disaster-spending-hits-new-highs\/","title":{"rendered":"Disaster spending hits new highs"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69fd111361431'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-7\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--lg\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px; color: #0062dd;\">ARTICLE<\/span><\/strong><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Disaster spending hits new highs<\/h1>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 50px !important\"\n    >\n<\/div>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/financial-services\/\" rel=\"category tag\">\n                    Financial Services\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/sustainable-finance\/\" rel=\"category tag\">\n                    Sustainable Finance\n                <\/a>\n            <\/li>\n            <\/ul>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-5\"\n    style=\"\"\n    >\n    <div id=\"\" class=\"wpb_content_element bbg-single-image align-left\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"4000\" height=\"2665\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/365563207-11.jpeg\" class=\"bbg-single-image__image attachment-full\" alt=\"Flood water surrounds buildings and land in India. Photographer: Prashanth Vishwanathan\/Bloomberg\" title=\"Flood Water Surrounds Buildings\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/365563207-11.jpeg 4000w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/365563207-11.jpeg 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/365563207-11.jpeg 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/365563207-11.jpeg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/365563207-11.jpeg 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/365563207-11.jpeg 2048w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/365563207-11.jpeg 162w\" sizes=\"auto, (max-width: 4000px) 100vw, 4000px\" \/>\n        \n            <\/figure>\n<\/div>\n\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69fd11136d21f'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6 bbg-column--m-width-6\"\n    style=\"\"\n    >\n    <p>    <p class=\"bbg-metadata bbg-metadata--date\">May 9, 2025<\/p>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Bloomberg Intelligence<\/strong><\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2 bbg-column--valign-middle bbg-column--m-width-2 bbg-column--s-padding-right-2\"\n    style=\"\"\n    >\n    <div class=\"bb-tts\"\n\tdata-selector=\"main\"\n\tdata-label=\"Speak this page\"\n\tdata-custom-play=\"Play\"\n\tdata-custom-pause=\"Pause\"\n\tdata-custom-stop=\"Stop\"\n\tdata-overlay=\"false\"\n\tdata-invert=\"false\"\n\tdata-no-time=\"false\"\n\tdata-no-button-text=\"false\"\n\tdata-one-button=\"true\"\n\tdata-one-style=\"true\"\n\tdata-hide-stop=\"true\"\n\tdata-voice=\"Gordon\"\n\tdata-pitch=\"1\"\n\tdata-speed=\"1\"\n\tdata-align=\"flex-start\"\n>\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-69fd11137005b'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><i><span style=\"font-weight: 400;\">This article was written by Bloomberg Intelligence Senior ESG Climate Analyst Andrew John Stevenson. It appeared first on the Bloomberg Terminal.<\/span><\/i><\/p>\n<h2>Consumers struggle to weather $1 trillion in disaster costs<\/h2>\n<p>US disaster costs have increased to a record of almost $1 trillion on a<br \/>\nrolling 12-month basis due to fires, hurricanes and a spike in insurance premiums, representing more than 3% of GDP and effectively creating a stealth tariff on consumer spending, based on our analysis. Climate costs are diverting around $80 billion a month from other economic activity.<\/p>\n<h2 class=\"p1\">US climate impacts are nearly $1 trillion over 12 months<\/h2>\n<p>US climate-related spending linked to disasters, insurance premiums, government grants and\u00a0power outages generated a record $955 billion in economic costs over the past 12 months. The\u00a0primary drivers were recovery spending from Hurricanes Helene and Milton and the Los Angeles\u00a0wildfires, resiliency outlays funded by the Inflation Reduction Act (IRA) and US infrastructure\u00a0legislation, and an 11% bump in multi-peril insurance premiums to $310 billion in 2024.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"2096\" height=\"1604\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/US-Climate-Related-Spending-12-month-MA-by-Type.png\" class=\"bbg-single-image__image attachment-full\" alt=\"US Climate-Related Spending 12 month MA by Type\" title=\"US-Climate-Related-Spending-12-month-MA-by-Type\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/US-Climate-Related-Spending-12-month-MA-by-Type.png 2096w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/US-Climate-Related-Spending-12-month-MA-by-Type.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/US-Climate-Related-Spending-12-month-MA-by-Type.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/US-Climate-Related-Spending-12-month-MA-by-Type.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/US-Climate-Related-Spending-12-month-MA-by-Type.png 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/US-Climate-Related-Spending-12-month-MA-by-Type.png 2048w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/US-Climate-Related-Spending-12-month-MA-by-Type.png 141w\" sizes=\"auto, (max-width: 2096px) 100vw, 2096px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--margin-top-compact bbg-row--margin-bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-69fd111373cc4'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Interstitial_bg.png);\n\t\t\t\tbackground-repeat: no-repeat;\n\t\t\t\tbackground-position: center center;\n\t\t\t\tbackground-size: cover;\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:white;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Discover more with Bloomberg newsletters<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Subscribe now<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_2666993201698396709\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/newsletter\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69fd1113796f3'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2 class=\"p1\">Costs rise to 3.3% of GDP, with Carolinas hardest hit<\/h2>\n<p class=\"p1\">Climate-related costs have risen to a record in dollar terms over the past year, but as a percent of\u00a0GDP the 3.3% is still slightly less than in 2017 (Hurricanes Harvey, Irma) and 2005 (Hurricane\u00a0Katrina).<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"2098\" height=\"1552\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Climate-Costs-as-a-Percent-of-US-GDP-12mo-MA.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Climate Costs as a Percent of US GDP 12mo MA\" title=\"Climate-Costs-as-a-Percent-of-US-GDP-12mo-MA\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Climate-Costs-as-a-Percent-of-US-GDP-12mo-MA.png 2098w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Climate-Costs-as-a-Percent-of-US-GDP-12mo-MA.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Climate-Costs-as-a-Percent-of-US-GDP-12mo-MA.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Climate-Costs-as-a-Percent-of-US-GDP-12mo-MA.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Climate-Costs-as-a-Percent-of-US-GDP-12mo-MA.png 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Climate-Costs-as-a-Percent-of-US-GDP-12mo-MA.png 2048w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Climate-Costs-as-a-Percent-of-US-GDP-12mo-MA.png 146w\" sizes=\"auto, (max-width: 2098px) 100vw, 2098px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>At the state level, North and South Carolina were particularly hard hit by Hurricane Helene, which\u00a0caused over $78 billion in economic losses, equivalent to around 8-9% in local GDP terms,\u00a0according to BI&#8217;s Climate Damages Tracker.<\/p>\n<h2 class=\"p1\">Peril premiums hit $310 billion, but cushion eroding<\/h2>\n<p>The rise in fires, floods and storms has forced insurers to reprice risk over the past several years, raising rates by as much as 22% in 2023 and pushing total multi-peril premiums (home, fire, commercial, farmer and allied lines) above $300 billion, according to the National Association of Insurance Commissioners. S&amp;P Global expects premiums to rise 6.2% in 2025. The P&amp;C industry has struggled to price these risks in a way that secures a stable stream of returns. Net premium after loss (total premiums less insured payouts) fell below zero in 2017 and approached zero three times in the past few years.<\/p>\n<p>The big 2023 rate hikes helped create a buffer for Allstate and other P&amp;C insurers, but the cushion has been eroded in recent months by developments including an estimated $40 billion bill for the LA wildfires.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"2106\" height=\"992\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Peril-Premiums-and-Net-Premiums-After-Loss.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Peril Premiums and Net Premiums After Loss\" title=\"Peril-Premiums-and-Net-Premiums-After-Loss\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Peril-Premiums-and-Net-Premiums-After-Loss.png 2106w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Peril-Premiums-and-Net-Premiums-After-Loss.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Peril-Premiums-and-Net-Premiums-After-Loss.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Peril-Premiums-and-Net-Premiums-After-Loss.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Peril-Premiums-and-Net-Premiums-After-Loss.png 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Peril-Premiums-and-Net-Premiums-After-Loss.png 2048w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Peril-Premiums-and-Net-Premiums-After-Loss.png 192w\" sizes=\"auto, (max-width: 2106px) 100vw, 2106px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2 class=\"p1\">Government spending starting to fade from sight<\/h2>\n<p>Federal and state governments have provided nearly $1.3 trillion over the past 20 years to local communities to help them recover sooner from \ufb01res, \ufb02oods and storms. Stimulus measures like the IRA and the infrastructure law have provided the most support ($600 billion), followed by FEMA ($320 billion) and the Department of Housing and Urban Development ($180 billion). States contributed $132 billion, largely in the form of matching funds.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"2106\" height=\"1570\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Climate-Related-Govt-Spending-by-Type.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Climate-Related Govt Spending by Type\" title=\"Climate-Related-Govt-Spending-by-Type\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Climate-Related-Govt-Spending-by-Type.png 2106w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Climate-Related-Govt-Spending-by-Type.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Climate-Related-Govt-Spending-by-Type.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Climate-Related-Govt-Spending-by-Type.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Climate-Related-Govt-Spending-by-Type.png 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Climate-Related-Govt-Spending-by-Type.png 2048w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Climate-Related-Govt-Spending-by-Type.png 145w\" sizes=\"auto, (max-width: 2106px) 100vw, 2106px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Though these funds have provided a needed lifeline to states, most of the programs are winding down, with President Donald Trump signaling that he wants states to take more responsibility for recovery e\ufb00orts.<\/p>\n<h2>Texas hardest hit by climate followed by California<\/h2>\n<p>Total climate-related costs in the US have totaled $10 trillion over the past 20 years, according to the BI Climate Damages Tracker. At the state level, Texas has been hardest hit in dollar terms, with$1.1 trillion in costs, followed by California ($938 billion) and Florida ($763 billion). Though these costs are substantial, the overall size of these states&#8217; economies ($10.4 trillion combined) means the impacts on a GDP basis are generally lower than for lower-GDP states like Louisiana ($425 billion in damages, with a $327 billion GDP in 2024).<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"2102\" height=\"1708\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Climate-Costs-by-State-Since-2005.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Climate Costs by State Since 2005\" title=\"Climate-Costs-by-State-Since-2005\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Climate-Costs-by-State-Since-2005.png 2102w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Climate-Costs-by-State-Since-2005.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Climate-Costs-by-State-Since-2005.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Climate-Costs-by-State-Since-2005.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Climate-Costs-by-State-Since-2005.png 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Climate-Costs-by-State-Since-2005.png 2048w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Climate-Costs-by-State-Since-2005.png 133w\" sizes=\"auto, (max-width: 2102px) 100vw, 2102px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>How does BI&#8217;s damages tracker calculate spending?<\/h2>\n<p>In an e\ufb00ort to capture how climate-related costs \ufb02ow back into the economy, the BI Damages Tracker assigns di\ufb00erent spending curves to di\ufb00erent types of costs. For example, insured losses, which are generally paid out over one year, with the majority paid in the \ufb01rst six month, are calculated using a 12-month gamma curve, which skews spending toward the \ufb01rst few months following the event.<\/p>\n<p>In this same way, uninsured losses are calculated using a 24-month gamma curve, and government spending is assessed with a 36-month gamma curve, which is based on distributions reviewed in federal spending reports.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"2104\" height=\"1510\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Percent-of-Economic-Spending-by-Month.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Percent of Economic Spending by Month\" title=\"Percent-of-Economic-Spending-by-Month\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Percent-of-Economic-Spending-by-Month.png 2104w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Percent-of-Economic-Spending-by-Month.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Percent-of-Economic-Spending-by-Month.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Percent-of-Economic-Spending-by-Month.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Percent-of-Economic-Spending-by-Month.png 1536w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Percent-of-Economic-Spending-by-Month.png 2048w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Percent-of-Economic-Spending-by-Month.png 150w\" sizes=\"auto, (max-width: 2104px) 100vw, 2104px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-69fd1113864bc'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div class=\"bbg-accordion transparent\">\n\t<input type=\"checkbox\"  id=\"bbg-accordion-toggle-69fd1113878e9\">\n\t<div class=\"bbg-accordion-parent\" data-accordion-toggle aria-expanded=\"false\">\n\t\t<label class=\"bbg-accordion-label\" for=\"bbg-accordion-toggle-69fd1113878e9\">\n\t\t\t\t<h5 class=\"bbg-accordion-title\" data-label=\"Disclaimer\">\n\t\tDisclaimer\n\t<\/h5>\n\n\t\t\t\t\t<\/label>\n\t<\/div>\n\t<div class=\"bbg-accordion-content\">\n\t\t<div class=\"bb-wysiwyg\">\n\t<p style=\"font-size: 16px !important; line-height: 24px;\">The data included in these materials are for illustrative purposes only. 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This diverts about $80 billion monthly from other economic activity.<\/p>\n","protected":false},"author":1933,"featured_media":114976,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"524","footnotes":""},"categories":[457,453,524],"tags":[565,3737,3679],"series":[],"class_list":["post-114975","post","type-post","status-publish","format-standard","hentry","category-financial-services","category-markets","category-sustainable-finance","tag-bloomberg-intelligence","tag-operational-risk","tag-sustainability","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Disaster spending hits new highs | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"US disaster costs hit a record $1 trillion over 12 months due to fires, hurricanes, and higher insurance, exceeding 3% of GDP. 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