The Fallout from Climate Change Could Mean a $300M+Annual Price Tag for California
Climate change is a reality, and one that has never been more evident to us than now - as we experience 80+ degree temperatures in November and hear daily about the melting of our polar ice caps. Unfortunately, it also may carry a hefty price tag.
According to a new study released by Next Ten and the University of California at Berkeley, the aftermath of climate change could cost the State of California anywhere from $300M to $3.9B annually in damages. Most of these damages are expected to result from wildfire and coastal damage to real estate. Over half of California’s real estate assets, amounting to roughly $2.5T, are at risk.
One ominous fact pointed out by this report is that five major California airports sit on or near a coastline, and are in danger of being submerged if climate change results in rising sea levels. The San Diego and Santa Barbara airports as well as all three major Bay Area airports are affected.
