Hurricane Fiona costs $4 billion in damages, among most expensive climate disasters worldwide: report | 24CA News
A brand new report revealed by Christian Aid, a charity based mostly within the U.Ok., pegged Hurricane Fiona as one of many 10 costliest local weather disasters this 12 months.
According to the research revealed Monday, Hurricane Fiona, which bulldozed throughout Atlantic Canada as a post-tropical storm in September, brought on greater than 25 deaths, displaced 13,000 individuals and value practically $4 billion Cdn in damages.
Based on insurance coverage business estimates, the report listed the ten costliest local weather disasters in 2022. Hurricane Ian within the U.S. and Cuba topped the checklist, and the floods in KwaZulu-Natal and Eastern Cape in South Africa, together with Fiona, are on the backside.
“If rich countries like Canada take action on mitigation, so getting carbon emissions down… what you will see is that the bill for loss and damage is kept under control,” stated Patrick Watt, Christina Aid’s CEO.
Fears local weather change occasions shall be uninsurable
Watt says if rich nations do not assist with adaptation efforts in poorer international locations, the prices of utmost climate occasions will begin to add up.
“The danger is if we get runaway climate change, then the loss and damage that results from extreme weather events is going to become completely unaffordable and we’ll see more of the world becoming uninsurable,” he stated.
Craig Stewart, Insurance Bureau of Canada’s vp of local weather change and federal points, says extra must be achieved on adaptation efforts to mitigate the results of utmost climate occasions.
He predicts there shall be extra unprecedented occasions like Hurricane Fiona.
“The insurance industry in Canada and abroad has been very vocal that climate change is not a future threat. The events are happening now and we’re not ready for them,” Stewart stated.
“It’s very important, obviously, to focus on emission reduction and to reduce the threat in the future, but that’s no excuse for ignoring the threat that we’re already experiencing today.”
Some damages could not be quantified
Watt says the report additionally highlighted a second set of local weather disasters that could not be financially quantified in damages, as a consequence of an absence of information.
He cites the present drought in East Africa, for which there is not an insured value, however is estimated to be affecting 36 million individuals going hungry in Somalia, Kenya and Ethiopia.
“The poorest countries, those that have done the least to contribute to the climate crisis, are the ones in many cases who are being worst affected in terms of human lives,” said Watt.
“We have a collective curiosity, a collective accountability to sort out carbon emissions and get them beneath management… It’s the correct factor to do, but it surely’s additionally the good factor to do.”
