Extreme weather events could cost Canada $139 billion by 2050: report
that wash out highways, damage buildings and affect power grids could cost Canada’s economy $139 billion over the next 30 years, a new climate-based analysis predicts.
While droughts can restrict industrial production, floods and storms cause direct damage to buildings and machinery, or take out power supplies, forcing factories into silence. Lake Mead, the biggest reservoir in the United States, is down to one-quarter of its capacity, with macabre results: at least five bodies have been located as the water receded, some of them believed to have drowned or been killed and left in the lake decades ago.
Water risk in the banking and insurance sector follow with $21 billion in estimated losses, primarily because of disruptions to productivity and economic activity, as well as bigger insurance payouts. Smaller projects that can be done quickly, often utilizing nature itself, are likely the best choice, the report says.Climate change forcing NATO to rethink approach to security: Stoltenberg
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