Extreme Weather Events Cost U.S. $500 Billion in 2024

In 2024, extreme weather events in the U.S. are projected to cause over $500 billion in damages, a significant portion of the nation's GDP, according to AccuWeather. The year saw a record number of deadly hurricanes, wildfires, and heatwaves, with notable impacts including the loss of over 400 lives and widespread destruction across multiple states. The increase in extreme weather is linked to rising global temperatures, which are expected to exacerbate such events in the coming decades. Swiss Re reports that the U.S. experienced the highest insured losses globally, with hurricanes Milton and Helene contributing $50 billion to this total. The report highlights a worrying trend of increasing economic losses from natural disasters, underlining the urgent need for effective adaptation measures. Without significant intervention, the financial toll from extreme weather is projected to escalate further as climate change continues to affect weather patterns.