Parts of the U.S. have seen an increase in severe weather, including flooding, which cost the economy between $179.8 and $496 billion per year in 2023 dollars, according to new data from Democrats on the Senate Joint Economic Committee.
According to the report, the damages due to flooding amount to 1-2% of U.S. GDP in 2023. This range is higher than previous estimates, which put the cost of either “a subset of the damages” or “a subset of floods” between $4.4 billion and $82.7 billion.
