Extreme weather drives $1.4 trillion in global costs
Extreme weather events, including heatwaves, droughts, wildfires, and severe storms, are increasingly impacting global industries, particularly travel, leisure, and hospitality. In 2025, these events caused an estimated $1.4 trillion in damages, equivalent to 1.2% of global GDP. The U.S. alone experienced 23 weather events, each causing over $1 billion in damages. Insurance premiums have risen seven percentage points faster than inflation since 2017 due to the growing costs of such events. Despite these challenges, the global push for climate resilience and adaptation is expected to drive $20 trillion in spending over the next decade, creating opportunities in sectors like energy efficiency, infrastructure, and climate security. (Source time: not specified)
