After a brief foray into low-probability high-impact events, back to consensus estimates -- and actual hard numbers -- on the potential costs of climate change. My colleague, Sheryl Canter, lists some highlights from a recent report authored by a team at the University of Maryland:
- The 2007 drought in Georgia caused $1.3 billion in economic damage, mostly from crop losses. An additional 5 percent of crop losses due to climate change would result in direct and indirect economic losses of nearly $110 million per year, and the loss of 533 jobs.
- Colorado is a favored skiing and snowboarding destination, with 23 percent market share and $2 billion in annual revenue. If global warming continues at the current rate, the snow line could rise 1,312 feet, and the snow season could end 30 days earlier. A shortened ski season leading to a 1 percent annual decrease in tourists would cost $375 million and over 4,500 jobs by 2017.
- In Illinois, flooding from the projected increase in heavy precipitation could cause significant damage to infrastructure. Flood damage has increased in recent years. Insured catastrophic losses were $272 million in 2007, ranking the state fifth in the nation.
- Lower water levels in Lake Erie could cost Ohio's shipping industry and related businesses over $1 billion annually. Companies would be forced to spend more on harbor dredging, dock adjustments and other significant infrastructure changes.
More over at Climate411, including a list of previous US-wide studies.
