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Extreme weather, rising sea levels and warmer temperatures will cause damage to property and infrastructure. This will also impact productivity and human health. It will also negatively affect other sectors like agriculture, forestry and tourism.
As power generation becomes less reliable, the demand for energy will rise and water supply will be more stressed. If you want to learn more about the economic effects of climate change visit http://yanvanathemessage.com/climate-change/.
These are just a few of the many ways climate change could affect our economy in a direct or indirect way:
Agriculture is the most vulnerable sector to climate risk. Many commodities crops like corn, soybeans, wheat, rice and cotton do not thrive above certain temperatures. Crops will also be affected by a decrease in water availability and groundwater, increased pests, weeds, fire risk, and reduced groundwater. As farmers try to survive by adapting to changing circumstances, prices will likely rise and be passed on to consumers.
Flooding is threatening much of the critical infrastructure in our society. Heal stated that sea level rise could cause an estimated loss of trillions of dollars in assets, probably between two and five trillion dollars by the end of this century.
That's loss due to damage to housing, damage at airports along the coasts, and damage to docks. The railway line that runs up the East Coast is also within a few feet from the sea level. I-95, which runs along the coast, will also be affected. This is just the East Coast. This is a global view. Much of this infrastructure will need to be replaced or repaired.
Productivity and human health
Increased warmth and precipitation will increase the risk of foodborne and waterborne diseases. It can also encourage the spread of insects like Zika, West Nile and Lyme disease to new areas. Mental health problems can also be exacerbated by extreme weather or climate-related natural catastrophes.
These health effects will have the greatest impact on vulnerable populations such as children, elderly, low-income communities, and communities of color.
These are some of the economic impacts of climate change. The economic impact of climate change depends on how we adapt and prepare.