Inside Climate News: First Harvey, then Irma, and the hurricane season isn't over. This is the year that repeated, dire predictions about the fiscal risks of climate change—its increasingly heavy burden on the federal budget—are coming true.
The hurricanes' successive blows may cost taxpayers more than they spent on relief and recovery in any previous year. And that doesn't factor in the price for this year's other disasters—heat waves, droughts, fires and floods—that are among the hallmarks of global warming.
"The magnitude of the damage is getting bigger," said Adam Rose, a research professor with the University of Southern California's Price School of Public Policy and an expert in the economics of natural disasters. "What does it mean for the federal treasury? It means we're likely to see a greater burden on federal and state governments to help people. You can't just leave people who've suffered a disaster. You can't abandon them."