The Office of Management and Budget assessment, tasked by President Joseph R. Biden, Jr., last May, found the upper range of climate change’s hit to the budget by the end of the century could total 7.1% annual revenue loss, equal to $2 trillion a year in today’s dollars.
Just last year, a record heatwave and drought in the US West gave rise to two massive wildfires that tore through California and Oregon and were among the largest in the history of both states. The OMB said increased wildfires could boost federal fire suppression costs between $1.55 billion to $9.6 billion annually. Nearly 12,200 federal buildings and structures could be flooded as seas rise with replacement costs of nearly $44 billion.
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