The Impact of Extreme Weather Events on the Economic Performance

Abstract

With the increasing number of populations, the environment on the earth is seriously damaged, leading to a lot of weather disaster such as extreme high temperature in summer, global warming and so on. These events have a considerable number of impacts on human, especially for economy. This paper represents a comprehensive review of research dedicated to the effects of weather events on economy. During the research, a considerable number of papers about the impact on the economy were referred. Based on the statistical data and deeply analysis, it can be found that weather have a lot of negative impact on both agriculture, industry, and energy consumption. In the future, with the development of machine learning algorithms, and cloud computing, the simulation of chaotic systems such as weather and climate will be more accurate. Climate change poses great challenges in economics, and it is the largest and broadest market failure phenomenon so far. Therefore, it is necessary and urgent to study the economics of climate change.

Green Energy Technologies: A Key Driver in Carbon Emission Reduction

“…Damage to infrastructure from extreme weather events, increased healthcare costs due to heat-related illnesses, and reduced agricultural yields all contribute to substantial economic burdens. Furthermore, the financial impacts extend to industries related to fossil fuels, which face transition risks as the world shifts towards cleaner energy sources [40][41][42]. Human health is also directly affected by the consequences of carbon emissions [40,43,44].…”