TechnologyExtreme weather caused $65 billion in losses in first...

Extreme weather caused $65 billion in losses in first half of 2022

-

- Advertisment -spot_imgspot_imgspot_imgspot_img
extreme weather
Credit: Unsplash/CC0 Public Domain

Extreme weather events linked to climate change caused about $65 billion in total losses in the first half of 2022, roughly half of which hit uninsured assets, according to data compiled by Munich Re.

Insured losses reached about $34 billion, broadly in line with previous years, the German reinusurer said on Thursday. Overall damages through June, which were also caused by such as earthquakes, dropped from $105 billion a year earlier. The half-year data for 2022 doesn’t include the full fallout from Europe’s heatwave, which fanned drought, wildfires and .

“They may all be individual events with different causes, but taken together, one thing is becoming extremely clear—the powerful influence of is becoming ever more evident,” said Ernst Rauch, chief climate scientist at Munich Re.

In Europe, and arid conditions this summer have led to water scarcity and wildfires in Italy, Spain and Portugal. It is difficult to put an exact figure on losses from those events as their effects, such as production losses after a lack of cooling water, take a while to emerge, Munich Re said. What’s more, some of the worst moments of Europe’s heat wave struck in July, and would only be captured in second-half data.

Floods in Australia were the costliest disaster for the in the first half, causing insured losses of $3.7 billion so far. Parts of Sydney had as much rain in four days as they’d normally see in eight months, Munich Re said. The water levels of some rivers were at their highest in over 100 years.

“Total losses and insured losses from floods in Australia are already higher after six months than they were in the previous record years,” Rauch said.

The U.S. accounted for almost half of overall losses in the first six months and nearly two-thirds of insured losses. A single thunderstorm front that produced tornadoes in early April destroyed assets worth more than $3 billion.



2022 Bloomberg L.P.

Distributed by Tribune Content Agency, LLC.

Citation:
Extreme weather caused $65 billion in losses in first half of 2022 (2022, July 29)
retrieved 30 July 2022
from https://phys.org/news/2022-07-extreme-weather-billion-losses.html

This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no
part may be reproduced without the written permission. The content is provided for information purposes only.

Read More

Latest news

Mario Strikers: Battle League Version 1.1.1 Is Now Live, Here Are The Full Patch Notes

Update today by Liam Doolan 2 hours agoMario Strikers: Battle League has just received a new update. It bumps...

Nintendo Announces The Next N64 Game For Switch Online + Expansion Pack

Wave Race 64 makes a splash later this week by Liam Doolan 2 hours agoNintendo hasn't outlined the future...

Disney & Marvel Announce First Ever Games Showcase, Airing September 9th

Avatar, Lego Star Wars and more! by Liam Doolan 3 hours agoFollowing on from THQ Nordic's digital showcase last...

Fortnite’s Dragon Ball Crossover Trailer Appears To Have Leaked, Here’s A Look

This collab is over 9000! by Liam Doolan 3 hours agoUpdate : Well, it seems the official trailer for...
- Advertisement -spot_imgspot_imgspot_imgspot_img

Gamescom 2022: Everything You Need To Know

It's August, and that means that Geoff Keighley's Never-Ending Train Of Games is chugga-chuggin' into Cologne, Germany for the...

Nipsey Hussle Receives Star on Hollywood Walk of Fame: ‘He Lives Forever’

Revered rapper Nipsey Hussle was posthumously honored with the 2,729th star on the Hollywood Walk of Fame on what...

Must read

Rivian, Lucid rush to help buyers with existing EV tax credit before it expires

Luxury electric vehicle startups Rivian Automotive and Lucid Motors...

Aston Martin DBR22 concept car bows at Pebble Beach

Aston Martin is rolling out a concept car this...

VW, Mahindra deepen EV component cooperation

FRANKFURT -- Volkswagen Group and Mahindra and Mahindra will...
- Advertisement -spot_imgspot_imgspot_img

You might also likeRELATED
Recommended to you