Worst 10 weather disasters this year
mardi 29 décembre 2020 à 01:00The worst 10 weather disasters of this year cost $150bn in insured damage. The total damage is much more. 400 billion? One can only guess.
This is just the beginning. By 2030 it may be several trillion a year. By 2050, the sum will be much larger, except that money will no longer be a meaningful measure of it, as the disasters will ruin people's lives.
Measuring damages in money is useful when society can repair them and the cost of said repair is small compared with overall economic activity. When the damage is enormous and irreparable, money ceases to measure it. If a farm's crops are lost one year, their value can be estimated. When the farm (along with thousands of others) must be abandoned because agriculture in that area is no longer viable, is it not so easy to estimate the cost to society of the resulting scarcity. If the shortfall of food can be filled by buying it on the world market, the cost of that can be determined. If it is impossible to purchase that food, what then is the cost of the resulting hunger? It has to be measured in lives.