The 10 climate disasters of 2024 that have emptied the world’s coffers: find out how much they cost us

The climate crisis is not only measured in lives lost, but also represents an enormous economic cost. This is highlighted by the new report by Christian Aid, the Christian aid and development agency in Ireland and the United Kingdom, which analyzed the financial impact of the 10 worst climate disasters of 2024. Each caused damage exceeding $4 billion.

Floods, cyclones and droughts have caused millions of victims and forced migrations around the world. The report highlights a crucial point: Most estimates are based solely on losses covered by insurance, meaning the real costs are likely much higher. Furthermore, the human impact, often incalculable, tends not to be adequately considered.

Some examples?

Hurricane Milton

Hurricane Milton in the United States which hit Florida left behind a trail of devastation and death in Florida, causing widespread blackouts and the formation of as many as 19 tornadoes. Over 2.8 million people remained without electricity. The winds caught up speeds above 140 km/h, there were 25 victims, and the cost was 60 billion dollars.

Hurricane Helene

In September 2024, Hurricane Helene made landfall in Florida as a Category 4 storm, bringing torrential rain, destructive winds, and intense storm surges. Moving north-northeastward, it caused record-breaking rainfall in Georgia, North and South Carolina, Tennessee, and Virginia, as well as significant damage in Mexico and Cuba. The storm generated flash floods that devastated the region, destroying an area over 600 miles (about 965 km) from Florida to Tennessee. At least 232 victims, the highest toll from a hurricane in the continental United States since 2005, and property damage was estimated at $55 billion.

Storm Boris

Between September 12 and 16, Storm Boris hit several countries in Central and Eastern Europe, including Austria, the Czech Republic, Germany, Hungary, Italy, Poland, Romania and Slovakia. In just a few days, rainfall equivalent to that of an entire month of September fell, causing the worst floods in twenty years. The storm destroyed railways and roads, while firefighters in Italy carried out over 500 rescue operations. The death toll was at least 26 people.

WWA and Climameter analyzes highlighted the influence of climate change on the event. The probability of similar events has doubled, with an increase in precipitation of 10-20% compared to the beginning of the century. A subsequent study estimated that climate change increased precipitation by 9% and expanded the area affected by extreme rainfall (greater than 100 mm) by 18%.

Valencia flood

On October 29, a meteorological phenomenon known as the “cut-off low” hit southeastern Spain, causing exceptional rainfall. This type of event, typical of the season in the region, is fueled by easterly winds carrying moist air from the Mediterranean Sea. In some places, a year’s worth of rain fell in just a few hours, causing devastating floods. The province of Valencia was the hardest hit, with 218 victims, while another 8 deaths were recorded in the provinces of Castilla-La Mancha and Andalusia.

Analysis has shown that climate change has doubled the probability of a similar event, increasing rainfall by 12-15%. High sea temperatures, caused by human activity, have further aggravated the situation, making such phenomena up to 300 times more likely. There were 226 victims and the economic toll is estimated at 4.22 billion.

The report

In 2024, the ten costliest weather events exceeded $4 billion each, with actual losses likely greater than insurance estimates alone. Among these, Hurricane Milton in the United States caused $60 billion in damage and 25 deaths, while Hurricane Helene caused $55 billion in damage and 232 victims across the United States, Cuba and Mexico. Europe has been hit by devastating events, such as Storm Boris and floods in Spain and Germany, with total damage of $13.87 billion and 258 deaths.

Elsewhere in the world, floods in China caused $15.6 billion in damage and 315 deaths, while Typhoon Yagi devastated Southeast Asia, killing more than 800 people. In Brazil, floods in the state of Rio Grande do Sul caused $5 billion in damage and 183 victims. Meanwhile, poorer nations, such as those in western and southern Africa, have been severely affected by floods and droughts, endangering millions of people.

Extreme climate events, often more devastating in poor countries, highlight the urgent need to reduce carbon emissions, accelerate the energy transition and provide adequate financing for vulnerable populations.