Much of our society’s critical infrastructure is at risk from flooding. And as farmers struggle to stay afloat by finding ways to adapt to changing conditions, prices will likely increase and be passed along to consumers. ![]() In addition, crops will be affected by less availability of water and groundwater, increased pests and weeds, and fire risk. Many commodity crops such as corn, soybean, wheat, rice, cotton, and oats do not grow well above certain temperature thresholds. ![]() According to a 2011 National Academy of Sciences report, for every degree Celsius the global thermostat rises, there will be a 5 to 15 percent decrease in overall crop production. In addition to flooding, increased heat and drought will likely reduce crop yields. As a result of climate change impacts, the Midwest is projected to lose up to 25 percent of its current corn and soybean yield by 2050. This lost yield could cause prices for animal feed and ethanol to rise, and potentially disrupt marketplaces at home and abroad. ![]() To date, farmers have only planted 67 percent of their corn crop compared to last June, when they had planted 96 percent. The National Oceanic and Atmospheric Administration (NOAA) expects the coming months to bring even more flooding, which could impact our food supply. Many fields have washed away and livestock have drowned Nebraska alone lost $440 million worth of cattle, and as of March, Iowa had suffered $1.6 billion in losses. Extreme rainfall events have increased 37 percent in the Midwest since the 1950s, and this year, the region has experienced above normal amounts of rain and snowmelt that have caused historic flooding. There are about a dozen states in the Midwest that are very dependent on agriculture and they could take quite a big hit.” economy, “locally these effects could be big. The sector most vulnerable to climate risk is agriculture.Įnvironmental economist Geoffrey Heal, a professor in the Columbia Business School, explained that although agriculture makes up a fairly small part of the total U.S. Here are some of the many ways that climate change will likely affect our economy, both directly and indirectly. We need deeper thinking about the interconnection between physical and social systems.” “What’s important are the harder-to-define things like when does societal risk perception shift? It may be that buildings lose their value before the water actually arrives, once people realize that eventually the water’s going to arrive. “For example, it’s not just whether a building is underwater or not,” he said. According to Morgan Stanley, climate disasters have cost North America $415 billion in the last three years, much of that due to wildfires and hurricanes. We are already seeing the economic impacts of the changing climate. stands to suffer large economic losses due to climate change, second only to India, according to another study. If we can keep to 2.8˚ C, it would cost $224 billion less. The study projected that if the higher-temperature scenario prevails, climate change impacts on these 22 sectors could cost the U.S. business through disruption in trade and supply chains.Ī recent report examined how climate change could affect 22 different sectors of the economy under two different scenarios: if global temperatures rose 2.8˚ C from pre-industrial levels by 2100, and if they increased by 4.5˚ C. Damage to other countries around the globe will also affect U.S. The demand for energy will increase as power generation becomes less reliable, and water supplies will be stressed. Warmer temperatures, sea level rise and extreme weather will damage property and critical infrastructure, impact human health and productivity, and negatively affect sectors such as agriculture, forestry, fisheries and tourism. The Fourth National Climate Assessment, published in 2018, warned that if we do not curb greenhouse gas emissions and start to adapt, climate change could seriously disrupt the U.S.
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