Extreme Weather Events and Climate Change: Economic Impacts and Adaptation Policies

This article reviews the literature on the economic impacts of disasters caused by extreme weather and climate events to draw lessons on how societies can better manage these risks. While evidence that richer, better-governed societies suffer less and recover faster from climate extremes suggests ad...

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Bibliographic Details
Published in:Annual review of resource economics 2024-10, Vol.16 (1), p.207-231
Main Author: Ferreira, Susana
Format: Article
Language:English
Subjects:
Adaptation
climate adaptation
Climate change
climate change policy
climate extremes
Disasters
Economic development
Emergency preparedness
JEL I30
JEL O13
JEL O44
JEL Q54
JEL Q56
natural disasters
risk management
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Summary:This article reviews the literature on the economic impacts of disasters caused by extreme weather and climate events to draw lessons on how societies can better manage these risks. While evidence that richer, better-governed societies suffer less and recover faster from climate extremes suggests adaptation, knowledge gaps remain, and little is known about the efficiency of specific adaptation actions. I review various “no or low” regrets adaptation options that are recommended when uncertainties over climate change impacts are high. I discuss how governments can play an important role in adaptation by directly providing public goods to manage disaster risks or by facilitating private agents’ adaptation responses but also highlight the political economy of policy and coordination failures.
ISSN:1941-1340
1941-1359
DOI:10.1146/annurev-resource-101623-095314