GAO: Climate change already costing US billions in losses
WASHINGTON- A federal watchdog says climate change is already costing U.S. taxpayers billions of dollars each year, with those costs expected to rise as devastating storms, floods, wildfires and droughts become more frequent in the coming decades.
A Government Accountability Office report released Monday says the federal government has spent about $350 billion over the last decade on disaster assistance programs and losses from flood and crop insurance. That tally does not include the massive toll from this year's wildfires and three major hurricanes, expected to be among the most costly in U.S. history.
The report says there is currently no strategic plan to absorb these recurring costs, which could grow to a budget-busting $35 billion a year by 2050.
President Donald Trump has called climate change a hoax.