Billion-dollar disasters are the new normal in the US and the rest of the world. That’s because people continue to move and build in risky areas — and the risk itself increases as the planet gets w…
By Zahra Hirji | Bloomberg
NOAA’s National Centers for Environmental Information track the biggest of the big disasters, each one costing at least $1 billion in damage. 2022 was the nation’s third most expensive year for billion-dollar disasters by NOAA’s ranking, following 2017 and 2005 . In the US, the single most damaging event was Hurricane Ian, which caused $112.9 billion in damages. The storm was also the most expensive disaster for insured losses worldwide, according to Munich Re. Ian rapidly intensified into a Category 4 hurricane that slammed into southwestern Florida with a lethal combination of storm surge, winds and rain. The result was a climate catastrophe: washed out roads and bridges, entire neighborhoods razed and power knocked out for millions.
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