Impact of Global Warming on Economy of United s of America The term “Global Warming” is used to signify the extra-ordinarily rise in the typicalwarmth of the earth’s atmosphere as well as of the oceans. The core offenders in the concern are extreme expulsion of “green house gases” in the environment. Since 1920, the scientists have maintained a database of continuous change in the earth’s atmospheric temperature. As per the recent studies, the approximate atmospheric temperature of the earth has raised 0.74±0.18°C (1.33±0.32°F) all throughout the study of 100 years lasted up to 2005. The Impact of “Global Warming” on the economy of the United States has draw near to prominently diverse finale concerning the economic effects of global warming. The range of climatic changes including soaring sea levels, regular hurricanes and unfortunate events of excessive weather shift have tremendously affected the infrastructure and the natural atmosphere of US leading the economy towards downward in addition with pushing the government and nation to witness the bursting spectrum of huge costs accrued due to the repeated atmospheric disruption.
Novel researches reveal that if the continuation of the present “climatic changes” occurs than the US has to bear an additional costs which will in turn can soar up to as sky-scraping as 3.5 % of the GDP. As per the experts, the four global warming impacts i.e. hurricane, real estate losses, energy costs, and water costs are estimated to cost approximately 1.8 % of U.S. GDP or by the year 2100 it can increase just about $2.1 trillion annually moreover, the same research reveals that instantaneous implementation of the dynamic “climate protection policies” may possibly restrict the temperature amplification up to an extent of “2°F” and eradicate over 50% of the damage costs. The “costs” of global warming are identified to have a mass effect on the US economy as alteration in farm output, civic health expenditures and infrastructure losses are some of the monetary consuming effects of “Global Warming” which comes with well-defined penalties.
The estimated damage costs of the largest disaster “Hurricane Katrina” in the U.S. history is valued at $81.2 billions in addition with a officially claimed death toll of 1,836 and reported missing of more than 1000 people which is absolutely double value of the previous storms witnessed by this great country. The disaster had affected the crops leading to price rise of food items and impacted electric supply leaving nearly 3 million people suffer for the adequate water &. essentialities. Agriculture comprises of a much bigger portion of GDP in United States, so even a percentage loss in farming potential can inflict a great proportionate revenue loss in the US economy. The Life cycle of grain and oilseed crops, with mounting temperatures and inconsistent rainfalls, the crops have started to fall short, as the rainfall have turned out to be more capricious. Soaring temperatures have condensed livestock production throughout the summer season. In US, the constant Climate change has augmented the mass and instances of forest fires, pest epidemic and higher rate of tree mortality. In parched lands, changes in temperature and rainfall had decreased the foliage cover that shields the soil from blustery weather and attrition. There has been extinction of a variety of species owing to “global warming.” Key amendments are noticed in the animals as they respond to the warmer atmosphere, originated by the global warming. As a serious impact of global warming, precious species such as “golden toad, harlequin frog of Costa Rica” have by now vanished. There are also a number of animal species that are considered endangered due to the rapid change in the climatic conditions.
As per a detailed study done by the US Environmental Protection Agency “EPA” predictions, that shifting cropping dates and assortments to radically off-set financially viable losses and augment relative capitulates can prove to be a logical approach towards diminishing the affects of global warming. The study also emphasized that global warming would perhaps swab out certain delicate eco-regions on the whole like “alpine meadows in the Rocky Mountains and some barrier islands” are prone to fade away entirely.
American Economic Association, J. (. (1994). The American Economic Review. American Economic Association.
Cline, W. R. (2007). Global Warming and Agriculture: Impact Estimates by Country. Peterson Institute.
Houghton, J. T. (2004). Global Warming: The Complete Briefing. Cambridge University Press.
Robert Mendelsohn, E. P. (2001). Global Warming and the American Economy: A Regional Assessment of Climate Change Impacts. Edward Elgar.