Counting the cost 2022: a year of climate breakdown

The ten most financially costly events all had an impact of $3 billion or more. Most of these estimates are based only on insured losses, meaning the true financial costs are likely to be even higher, while the human costs are often uncounted. The report highlights the 10 costliest extreme events influenced by the climate crisis in 2022 which each caused more than $3 billion in damage; 10 other extremes events that caused massive human and environmental damage, mostly in the poorest countries. Christian Aid calling on world leaders to decide how the loss and damage fund agreed at COP27 will be managed, and get money flowing into it. While this report focuses on financial costs, which are usually higher in richer countries because they have higher property values and can afford insurance, some of the most devastating extreme weather events in 2022 hit poorer nations, which have contributed little to causing the climate crisis and have the fewest buffers with which to withstand shocks.