Changing weather patterns are something that most citizens are used to as odd conditions weather conditions that are uncommon for the area have occurred. This includes flooding in areas that usually don’t, droughts where they aren’t common and excessively hot summers. Climate change is making an impact now and will continue to as time goes on.
Climate change has high potential financial costs in addition to environmental concerns. The journal Science published a study in June that analyzed how climate change could impact every county. The economic costs come in the form of less labor productivity, lower crop yields, higher energy demands and increased mortality.
The study determined that the biggest risk comes from the risk of death due to heat-related illnesses. The southern United States are seeing more deaths from heat than ever before. Individuals will need to use more air conditioning to keep cool, which creates an increase in energy demands for the area. People who work outdoors won’t be able to work as effectively in higher temperatures to prevent dehydration and sickness. Rising sea levels are already impacting coastal towns and causing the property to go under water. When these properties were purchased and buildings constructed, it was never imagined that sea levels would increase by that much. Poorer individuals are more likely to feel the impacts of the warmer temperatures.
Areas in the north might not see as much of an economic effect as the southern states. If there is one, it’s likely going to be positive because crops will likely flourish and there will be fewer deaths due to the cold or accidents from snowy road conditions. Estimates are that the average temperature will rise up to 10 degrees Fahrenheit by the end of the century, which could cause a 20 percent income loss in the hardest hit areas.
The hardest hit locations would be on the East Coast due to the coastal effect, and larger populations of elderly individuals susceptible to heat-related conditions. It’s impossible to determine the exact economic impact global warming and climate change will have on the country, but if forecasts are correct, coastal areas should be on alert to rapid changes. It’s essential for people investing in these areas to know the potential long-term effects of how an increasing global temperature will impact them.