The Economic Cost of Extreme Weather Events

The research – conducted by the specialist economics consultancy Oxera – pinpoints almost 4,000 events which impacted a total 1.6 billion people between 2014 and 2023. 

In the last two full years alone, global economic damages reached $451 billion – representing a 19% increase compared to the previous eight years of the decade. The analysis by Oxera also highlights the acute impact on many developing economies –with single extreme weather events often imposing economic costs more than a country’s annual GDP.