The true cost of climate disasters in 2024

In 2024, the 10 costliest climate disasters caused billions of dollars in damage and devastated millions of lives around the world. Events such as hurricanes, floods and droughts have affected both rich and poor countries, highlighting the urgency of tackling the climate crisis.

The climate crisis is measured not just in lives lost but also in its enormous economic toll. That’s according to a new report from Christian Aid, a Christian aid and development agency in Ireland and the United Kingdom, which analyzed the financial impact of the ten worst climate disasters of 2024. Each of these events caused damages exceeding $4 billion.

Floods, cyclones, and droughts have caused millions of casualties and displacements around the world. What is important in this report is that most estimates are based on insured damages alone, so the actual costs may be much higher than that. And often, the human factor, which is often incalculable, is not taken into consideration.

Hurricane Milton

Hurricane Milton made landfall in the United States and devastated Florida, leaving wide-scale blackouts and spawning 19 tornadoes. Over 2.8 million people lost electricity. Wind gusts of over 87 mph were recorded with as many as 25 people killed. Economic damages were estimated at $60 billion.

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-northeast, it set rainfall records across Georgia, North Carolina, South Carolina, Tennessee, and Virginia while also causing significant damage in Mexico and Cuba. The storm triggered flash floods that devastated a region spanning over 600 miles (about 965 km) from Florida to Tennessee. At least 232 people were killed, and it became the deadliest hurricane to hit the continental United States since 2005. The estimated damages reached $55 billion.

Storm Boris

From September 12 through September 16, Storm Borisswept through Austria, the Czech Republic, Germany, Hungary, Italy, Poland, Romania, and Slovakia, with rainfall equivalent to a whole month of September falling within just three to four days. The storm destroyed railways and roads and prompted Italian firefighters to carry out more than 500 rescue operations. At least 26 people were killed.

Analyses by WWA and Climameter identified this event as linked to climate change. Events like this are twice as likely to happen now as compared to early in the 2000s, with precipitation up 10-20%. A subsequent analysis revealed that because of climate change, rainfall was 9% more, and 18% more area received over 3.9 inches of precipitation.

Flood in Valencia

On October 29, a “cut-off low” meteorological phenomenon-a typical seasonal pattern for the region, fed by easterly winds bearing humid air from the Mediterranean Sea-attacked southeastern Spain and unleashed an extreme rainfall that caused catastrophic flooding. Up to a year’s worth of rain fell within a few hours in some locations. The most affected province was Valencia, which reported 218 deaths, although another eight people died in the regions of Castilla-La Mancha and Andalusia.

Research showed that the chances of that happening were doubled by climate change, which in its turn raised the precipitation rates 12-15% higher. Sea temperatures became warmer due to human activities and enhanced these disasters, raising the chances up to 300 times more likely. In total, the death toll rose to 226 people, while economic losses reached $4.22 billion.

The report

In 2024, the ten most expensive climate events each exceeded $4 billion in damages, with real losses likely surpassing insurance estimates. Of those, Hurricane Milton in the United States had damages amounting to $60 billion and took 25 lives, while Hurricane Helene resulted in $55 billion in damages and claimed 232 lives across the United States, Cuba, and Mexico. Devastating events included Storm Boris and floods in Europe, particularly in Spain and Germany, with total damages of $13.87 billion and 258 fatalities.

Elsewhere, flooding in China caused 315 deaths and $15.6 billion in damages, Typhoon Yagi swept through Southeast Asia, killing over 800 people. In Brazil, flooding in the state of Rio Grande do Sul caused 183 deaths and $5 billion in damages. Meanwhile, poorer nations in West and Southern Africa were hit with severe flooding and droughts that threatened the lives of millions.

This calls for extreme urgency in cutting down carbon emissions, hastening the energy transition, and ensuring proper funding for vulnerable populations, as many extreme climate events are more devastating in poorer countries.

10 most costly climate disasters

Date	Event	Location	Type	Fatalities	Economic  cost
January-December	Storms in the U.S.	USA	Storm	88	$60+ billion
October 9-13	Hurricane Milton	USA	Tropical Cyclone	25	$60 billion
September 25-28	Hurricane Helene	USA, Mexico, Cuba	Tropical Cyclone	232	$55 billion
June 9-July 14	Floods in China	China	Floods	315	$15.6 billion
September 1-9	Typhoon Yagi	Southwest Asia	Tropical Cyclone	829+	$12.6 billion
July 1-11	Hurricane Beryl	USA, Mexico, Caribbean Islands	Tropical Cyclone	70	$6.7 billion
September 12-16	Storm Boris	Central Europe	Floods	26	$5.2 billion
April 28-May 3	Rio Grande do Sul floods	Brazil	Floods	183	$5 billion
June 1-7	Bavaria floods	Germany	Floods	6	$4.45 billion
October 29	Valencia floods	Spain	Floods	226	$4.22 billion

 

Source: Christian Aid, Counting the Cost 2024