Of Fire and Storm – Climate Change, the “Unseen” Risk for the U.S. Economy – State of Play

This is an update of the 17 September 2018 release of this article analysing the economic costs of climate change on the U.S. economy in 2018. This update integrates the consequences, and especially the costs, of the super hurricane “Michael”, which hammered the Florida panhandle, then Georgia, North Carolina and Virginia, between the 10 and the 14 of October 2018 (Camilla Domonoske, “Michael Will Costs Insurers Billions, but Won’t Overwhelm the Industry, Analysts Say”, NPR, October 14, 2018).

“Michael” took over from “Florence”, the monster storm that hit and battered the U.S. East Coast on 12 September 2018. It looks like a new climate-related disaster “peak”.  It could announce a transition towards possibly worse, considering the last 12 months of climate hellish conditions.

Thus, a major question arises: is climate change becoming a major risk for the U.S. economy? If yes, how should economic actors react (Jean-Michel Valantin, “Climate Change: The Long Planetary Bombing”, The Red (Team) Analysis Society, September 18, 2017)?