Eco-nomics: Texas floods show threat of climate disaster, debt
By Paul Roberts / For The Herald
The disastrous flooding in the Texas Hill Country is at the confluence of two crises: climate change and a torrent of U.S. debt. They are related, and the federal response is making both worse.
First, climate change: Current average global temperatures have exceeded 1.5 degrees above preindustrial levels. This is the low end of the threshold established in the Paris agreement to avoid tipping points on the planet. Warmer air holds more moisture, and heat and low humidity increase the risk of drought and wildfires. We are experiencing more frequent, severe and costly storms, droughts and fire events in the U.S. and across the globe; a new abnormal. The floods along the Guadalupe River and East Coast are the latest examples of extreme events.
Like the Texas flood waters, the costs of climate disasters are rapidly rising. In 2023 there were 28 separate weather and climate disasters with damages of $1 billion or more. The total cost of disaster in 2023 was $94.8 billion. The Asheville, North Carolina, floods in 2024 are estimated to have cost between $48 billion and $53 billion. The estimated cost of this year’s Los Angeles fires is between $135 billion and $150 billion. Guadalupe River flood damage is estimated between $18 billion and $22 billion.
The Trump administration has responded by waging a war on climate science. Virtually every climate science program in every agency has been eliminated or drastically cut including: NOAA, the National Weather Service, the EPA, NASA, Energy and FEMA. These are the programs that conduct climate research, provide early severe weather alerts, hurricane and fire warnings, and emergency management preparedness. They are also cutting funding to state and local governments for disaster relief while shifting more responsibilities to them. In addition, they have also cut tax credits for clean energy while increasing subsidies for fossil fuels. These policies are literally throwing gas on the fire and then cutting funds for the fire department.
https://www.heraldnet.com/opinion/eco-nomics-texas-floods-show-threat-of-climate-disaster-debt/