Americans Are Feeling the Pain of Extreme Weather on Their Wallets

Americans may think that climate change is only changing the weather, but in fact, it’s impacting their finances, too. Here’s some ways global warming is breaking your bank

Global Warming Is Expensive 

Many American homes don’t realize that the effects of climate change extend beyond the weather. According to CNBC, experts say the prices of groceries, insurance, and many others are increasing. 

Insurance Premium Increases

Insurers are increasing premiums in states at higher risk for the impact of climate change. For instance, hurricane states may be more expensive because of the cost of repairing damage or hardening homes. 

Weather Extremes Impacting Food Costs

Food costs are rising because extreme weather causes floods and droughts, making it impossible to produce crops. Experts say consumers are paying more for their groceries throughout the country. 

It’s Slowing Down Job Productivity 

This year’s extreme heat has impacted many people in “blue-collar” jobs. Experts say that it slows productivity and results in lower earnings. 

Reduces Income for Laborers 

CNBC reported a research study showing laborers are losing an estimated 2% of wages per week because of low productivity during the extreme heat. 

Missed Work Days 

Laborers suffered loss of income due to missed work days. According to a reported study, workers lost over $1.20 billion a year from 2007 – 2019.  

Jobs Are Impacted 

People working in construction and other labor-related jobs are at high risk of dehydration or worse. 

Fatalities Due To Extreme Heat

According to CNBC, almost  36 deaths have been reported during the extreme heat wave in six states thus far. 

Heat-Related Illnesses

In an interview with Today, family medicine physician Dr. Maquez of Kaiser Permanente said many patients have come in with heat-related illnesses. She said that some people are at risk and “patients can pass away from heatstroke.” 

Moving to Another State

Sometimes relocating is the better option. However, it involves a lot of expenses and also takes time researching your best options. 

Cost To Relocate 

Relocating will also cost even more, depending on the destination and the travel expenses involved. Parents with school kids may need to find new schools and bear those expenses in mind. 

The Cost of Repairs

Repairs can be extremely overwhelming with their expensive cost, as well as hiring tradespeople, buying materials, and building from scratch. For some people, depending on the extent of the damage, it could cost a couple of hundred thousand. 

Hurricane Beryl Plus Heat in Other States 

Reports say the extreme heatwave occurred after Hurricane Beryl. The effects have caused states like Nevada to experience even higher temperatures of over 117 degrees Fahrenheit (nearly 50 degrees Celsius). 

Over 50 Million People Impacted By Heatwave 

Today, news weather reported over 50 million people are affected by extreme heatwave temperatures. Some homes don’t have any AC to cool off. 

Fire Smoke Extremes 

In June of this year, the wildfires from Canada were extreme, and they emitted so much smoke that they moved into New York. The orange, hazy smog hung over the city and gave rise to  New York being dubbed one of the most polluted cities for a day during the wildfires. 

Wildfire-Influeced Smog

Canadian wildfires were so fierce the locals had to be evacuated. Canada’s weather becomes warmer during summer, but it doesn’t necessarily move to scorching temperatures. However, with climate change, every destination is experiencing the cumulative effects of this phenomenon, and it’s changing the way weather occurs around the world. 

Inflation on the Rise “Climate Inflation”

Climate change is also impacting the economy as it increases inflation on a worldwide scale. Increased inflation directly resulted from the negative effects of the climate. Experts say it could increase from 0.3 to 1.2 percent by 2035, CNBC reported. The phenomenon has already been labeled “climate inflation” or climate-flation.”

Climate Inflation Impact on Groceries

Gernot Wagner, a climate economist at Columbia Business School, said 2% of America’s inflation rate could be a direct effect of climate, which is a lot. 

Consumers Pay More

“The so-called climate -flation is due partially to effects of grocery prices: Say if extreme weather had to knock out a harvest for crops like avocados, corn, rice, maize, or wheat, triggering global prices to spike,” he said.  

The Takeaway

U.S. consumers and homes should brace for more rising costs as the severe weather continues its challenging course.  

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