“Counting the Cost 2023: A Year of Climate Breakdown” Report

January 6, 2024

A Christian Aid report titled “Counting the Cost 2023: a year of climate breakdown” was released recently. By analyzing 20 of the most expensive climate-linked disasters in 2023, it found 85% were floods, storms or cyclones. Ranging across continents, these events were more intense than before due to climate change.

Huge Economic Losses

The researchers calculated the financial costs per capita of these catastrophes like wildfires, droughts, floods etc. They highlighted the glaring inequality in how countries of different income levels bear the destruction.

Insurance Cover Gaps

Higher-income nations often have greater disaster costs as they possess infrastructure that gets damaged. Also, their insurance coverage is more comprehensive. For instance, 76% of economic losses were insured in the US versus just 13% in Asia-Pacific.

Slower Recovery for Poor Nations

Rich countries can recover faster given their resilience resources. But lower-income developing countries witness slower, unequal rebuilding which pushes more people into hardship. As poor communities have contributed negligible emissions, this inequity is gravely unfair.

Underinsured Losses

Africa’s Cyclone Freddy caused over $680 million in damages across Malawi – almost 5% of their GDP. But with average annual income under $500, the per capita expense for reconstruction is unviable, indicating serious underinsurance.

Storms and Cyclones Lead Damage

The report found tropical storms like Cyclones Judy and Kevin in Vanuatu accounted for almost a third of the island country’s $3000 per capita GDP. More storms are expected due to climate change.

Adapting to Minimize Lives Lost

Lack of warning systems and preparedness worsens loss of life and livelihoods after extreme events, as seen in Storm Daniel’s Mediterranean floods killing 11,000 people across Libya’s vulnerable coastal region.

Mobilizing Finance for Adapting and Recovering

The report pressed developed countries to fulfill obligations and deploy funds urgently so vulnerable nations can adapt better and address escalating climate losses and damages.

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