Economic losses from hurricanes and natural disasters in the U.S. surged to $217.8 billion in 2024, marking the highest annual total since 2017. Hurricanes Helene and Milton were major contributors, along with other severe storms and a drought. Globally, economic losses from natural disasters reached $368 billion, a 7.3% decline from 2023 but still higher than the long-term average.
Economic losses from hurricanes and other natural disasters soared in the U.S. last year and were above average globally, reflecting another year of costly severe storms, floods and droughts.
Hurricane Helene tore across six southeastern states last fall, costing $75 billion in economic losses, mainly due to inland and coastal flooding. according to Aon. Less than two weeks later, Hurricane Milton made landfall on the west coast of Florida, causing some $25 billion in economic losses. In addition to the severe storms in the U.S., deadly floods in the Valencia region of Spain and other natural disasters drove worldwide economic losses from natural disasters to $368 billion last year, according to Aon. That’s a 7.3% decline from 2023, but about 14% higher than the annual average going back to 2000. Global insured losses, meanwhile, climbed 15.1% to $145 billion.
Fire chars hundreds of acres on Otay Mountain — but after 4th day of blazes, Santa Anas may yield to rain
NATURAL DISASTERS HURRICANES WILDFIRES ECONOMIC LOSSES CLIMATE RISK
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