Fact Check: U.S. climate-related costs hit an astonishing $1 trillion in just one year.

Fact Check: "U.S. climate-related costs hit an astonishing $1 trillion in just one year."

What We Know

The claim that U.S. climate-related costs reached $1 trillion in a single year is misleading. According to the NOAA National Centers for Environmental Information (NCEI), the total cost of billion-dollar weather and climate disasters in the U.S. for 2023 was approximately $92.9 billion. This figure includes 28 separate disasters, each costing at least $1 billion, which is a record number for a single year (NOAA NCEI).

While it is true that over the last seven years (2017-2023), the cumulative costs of billion-dollar disasters have exceeded $1 trillion, this figure does not pertain to any single year but rather to the total over multiple years (NOAA NCEI, NOAA NCEI).

Analysis

The assertion that climate-related costs hit $1 trillion in one year conflates cumulative costs over several years with annual costs. The NOAA report clearly states that the total costs from billion-dollar disasters from 2017 to 2023 surpassed $1 trillion, but the costs for 2023 alone were significantly lower at $92.9 billion (NOAA NCEI, NOAA NCEI).

The sources used to support the claim include reputable organizations such as NOAA, which is a credible source for climate and weather data. However, the interpretation of the data in the claim is inaccurate. The claim seems to misrepresent cumulative data as annual data, which is a common error in discussions about climate costs.

Additionally, while other sources, such as Bloomberg, discuss the overall financial implications of climate-related disasters, they do not support the specific claim of $1 trillion in a single year. Instead, they highlight ongoing trends and projections regarding climate-related spending.

Conclusion

Verdict: False. The claim that U.S. climate-related costs hit an astonishing $1 trillion in just one year is incorrect. The actual costs for 2023 were approximately $92.9 billion, and while cumulative costs over several years have exceeded $1 trillion, this does not apply to any single year. Misinterpretation of cumulative data as annual data leads to this erroneous claim.

Sources

1. 2023: A historic year of U.S. billion-dollar weather and climate ...
2. Billion-Dollar Weather and Climate Disasters
3. PDF climate disasters 2023: A historic year of U.S. billion-dollar ... - House
4. U.S. struck with historic number of billion-dollar disasters in 2023
5. Hurricane Costs
6. The $1 Trillion Climate Problem Republicans Are Ignoring - Yahoo
7. US Spending on Climate Damage Nears $1 Trillion Per Year