Climate change: A 2 trillion USD a year bill for the US

According to an analysis conducted by the Office of Management and Budget (OMB), climate change could have a significant impact on the US economy if greenhouse gas emissions keep rising.

Floods, drought, wildfires and hurricanes could result in an annual loss of 7.1% of federal revenues by the end of the century, or 2 trillion USD per year.

In addition to this amount, the U.S. government could spend an additional 25 to 128 billion USD annually on six types of expenses: coastal disaster relief, flood insurance, crop insurance, health insurance, wildfire suppression, and flooding of federal facilities.

President Joe Biden's budget for the fiscal year 2023 calls for investing 44.9 billion USD in climate crisis response programs.