A Congressional Budget Office report estimates annual costs linked to hurricane damage driven by climate change and development in coastal areas to climb from $28 billion under current conditions to approximately $39 billion by 2075.CBO said in the report published Thursday that annual federal spending on disaster relief and recovery missions as a result of potential increases in hurricane damage would grow from $18 billion or 0.10 percent of the gross domestic product in 2016 to approximately $24 billion or 0.13 percent of GDP by 2075.
According to the report, the number of U.S. citizens who live in counties that are vulnerable to hurricane damage will likely hit 10 million over the next 59 years, up from 1.2 million under present conditions.
The agency noted that investments in structural changes that seek to lessen susceptibility to hurricanes, reduction in greenhouse gas emissions and measures to allow private entities and agencies at both state and local government levels to shoulder hurricane damage costs might help reduce federal spending on disaster relief efforts.
CBO estimated hurricane damage based on the frequency of hurricanes, sea levels in various states, per capita income as well as the population in coastal areas.
