How much did natural disasters cost in 2024? Alarming report

Climate change is translating into mounting economic and humanitarian losses, according to the latest report by environmental charity Christian Aid on the biggest natural disasters of 2024. Analysts point out that the death toll is higher in poor countries and the financial cost is higher in developed countries. Which regions of the world have suffered the most?

North American hurricanes – the most costly

The authors of the Christian Aid report based their calculations on estimates from insurance companies that pay out compensation for damage caused by disasters. As they themselves point out, these figures are underestimates, as they do not include losses in agriculture or trade, for example. However, the more developed and costly infrastructure in affluent countries requires more money to rebuild. It is no surprise, then, that hurricanes that swept through North America were considered the most costly natural disasters in 2024.

Hurricane Milton, which hit the United States in October, would have been only a strong Category 2 storm without the impact of the changing climate, according to experts. However, rising ocean temperatures caused the phenomenon to escalate, bringing strong winds and heavy rainfall, as well as local tornadoes. Financial damage is estimated at $60 billion, ranking Milton among the costliest hurricanes in US history. It left 25 people dead, 260,000 without access to drinking water and 2 million without electricity.

Two weeks earlier, the southeastern coast of the US was hit by Hurricane Helene, classified as a Category 4. It turned out to be one of the most tragic in the country’s history – the death toll reached more than 230, and up to 4.7 million citizens were left without electricity. Economic losses were estimated at about $55 billion.

In addition, 46 severe thunderstorms with lightning, downpours and hail were observed in the United States between January and September. They resulted in the loss of 88 lives and total damages of more than $60 billion. The entire 2024 hurricane season, according to AccuWeather experts, reached an infamous $500 billion in losses, which also included Hurricanes Beryl ($28-32 billion) and Debby ($28 billion).

Deadly natural disasters in Asia

In early September, super typhoon Yagi swept with devastating force over Southeast Asia. The losses it caused were estimated at $12.6 billion, and the death toll exceeded 800. In Vietnam, 26 provinces were affected, and thousands of homes lay in ruins – the most expensive typhoon in the country’s history. In Myanmar, it destroyed entire villages and more than 2.3 million hectares of farmland. Thailand and the Philippines were hit by flash floods that severely damaged infrastructure.

Other costly 2024 typhoons include:

• Gaemi with losses of $220-245 million;
• Shanshan, which caused $331 million in damage in Japan alone;
• Kong-rey super typhoon, which forced Taiwan to suspend $2.5 trillion worth of stock market operations.

Floods caused by unusually heavy rainfall also occurred in late June and early July in southern and central China. A record number of rivers flooded, and 6 provinces recorded the highest rainfall totals on record. Several dams were breached, and 2 million hectares of farmland were under water. Total damage was estimated at $15.6 billion, and the Chinese government has set aside $100 million to provide immediate relief to those affected.

Giant European floods

The climate crisis has also manifested itself with great force in Europe. In early June, a low came over Germany’s Bavaria and Baden-Württemberg, bringing unprecedented amounts of rainfall – in some locations the daily total exceeded the monthly average. As a result, six people lost their lives, and flood losses totaled $4.45 billion.

Unfortunately, this was just a prelude to an exceptionally rainy autumn. The Boris low that came over central and eastern Europe in mid-September triggered flooding on a scale not seen in decades. Total losses, according to Christian Aid, reached more than $5 billion, and at least 26 people died. A study published in the periodical Communications Earth & Environment found that, as a result of climate change, lower Boris brought 9 percent more abundant precipitation, and that the territory of central Europe with precipitation totals of more than 100 ^mm/m2 increased by 18 percent.

A rainy disaster hit southern Spain in late October. An isolated meteorological depression flooded the regions of Valencia, Andalusia and Castilla-La Mancha, with total losses estimated at $4.22 billion. 226 people were killed.

The list of disasters does not end

Unfortunately, no continent has escaped the dramatic effects of climate change in 2024. Rampant rainfall in the Brazilian state of Rio Grande do Sul led to floods that destroyed 100,000 homes and claimed 183 lives. Total damages amounted to more than $5 billion. Floods on an unprecedented scale also reached Afghanistan, Pakistan, the United Arab Emirates and West Africa. In the latter region, water destroyed 600,000 homes and 720,000 hectares of fields.

Residents of the island of Mayotte likened cyclone Chido, classified as Category 4, to nuclear war. Winds of up to 225 mph leveled the poorest neighborhoods, burying hundreds if not thousands of people under the rubble – the number of victims is difficult to estimate due to the huge number of unregistered migrants.

Paradoxically, the world has also been plagued by record droughts in the past year. In Colombia, water levels in the Amazon River fell by 90 percent, making it difficult for local communities to obtain food and transportation. According to UNICEF, as many as 420,000 children in Brazil, Colombia and Peru have suffered from drinking water shortages. The situation is also dramatic in southern African countries – in Zambia, where the drought was the most severe on record, a state of emergency has been declared, with as many as 15 million citizens affected.

Another troublesome calamity has been the heat waves experienced by the Gaza Strip, Bangladesh and even… East Antarctica, among others. Although this latest change (so far) is not being felt in a measurable financial way, scientists are warning that the polar regions are warming twice as fast as the rest of the world, and we are likely to pay for it in the future.

What are the implications of this?

The Christian Aid report was created to initiate changes that will help protect societies from the rising costs of natural disasters and ensure global climate justice. Among the authors’ recommendations, therefore, are suggestions to more sharply reduce greenhouse gas emissions and phase out all new fossil fuel-based projects.

Both the New Common Financial Target set at the COP29 conference and the Loss and Damage Fund seem insufficient, according to the authors, to cover the financial needs of poorer countries, where the climate crisis is making its strongest mark. The huge costs of natural disasters in 2024 clearly demonstrate that adaptation should be a priority today. Eco-agriculture was cited as a good example, helping to reduce emissions while strengthening the resilience of ecosystems to droughts and floods. It is also particularly important, according to Christain Aid, to develop systems to assist citizens whose possessions have been destroyed by disasters. People should have a chance to preserve their dignity and quickly return to normal life.

The Christian Aid report also makes recommendations to scientists. Countries in the so-called Global South lack reliable systems for collecting data on the effects of natural disasters – damage estimates are therefore either unreliable or quite unavailable. In turn, the development of methods that could determine the long-term financial impact of disasters could change the approach in the sphere of international climate finance to one that is more focused on real needs.