We lost PLN 70 billion due to climate change. It could be even worse

We lost PLN 70 billion due to climate change.  It could be even worse

According to the report of the Polish Insurance Association, the losses of all EU countries incurred over the last 40 years as a result of climate change amounted to almost EUR 500 billion. In the case of Poland, it was about PLN 70 billion. If the pessimistic predictions come true, we will lose even more in the coming decades.

The report of the Polish Insurance Association indicates that over the last 40 years, losses incurred in Poland as a result of climate change cost EUR 16 billion, i.e. approx. PLN 70 billion. In 2021 alone, the total value of damages paid due to natural disasters amounted to PLN 994 million.

Climate changes. Huge losses await us?

In the years 2016-2021, insurance companies reported 237 natural disasters to the Office of the Polish Financial Supervision Authority, for which they paid PLN 3.622 billion in claims. Most of the damages paid in 2021 in Poland due to natural disasters (PLN 970 million) were allocated to cover damage caused by torrential rains, flooding, storms, hail and hurricanes.

The authors of the report emphasize that Poland must take into account greater losses than in the last four decades, if the pessimistic forecasts for Poland in connection with climate change come true.

The report reminded that the most likely scenario is an increase in global temperature by 2 degrees C by 2050. If this scenario holds true, extreme droughts will occur 2.4 times more often than in the pre-industrial era.

A positive scenario for Poland – assuming the achievement of the goal set out in the Paris Agreement – assumes a decrease in GDP by 3 percent. On the other hand, the negative scenario (in a situation where the increase in temperatures is in line with the pessimistic forecasts) forecasts a decline in GDP by over 10%.

Experts have been emphasizing for years that if appropriate action is not taken, a further significant increase in the negative effects of extreme weather events should be expected. What activities are we talking about? It is indicated, among others spatial planning taking into account potential climatic risks, introducing updated construction standards, maintaining the proper technical condition of engineering facilities and exchanging information.

Losses in the EU. Almost EUR 500 billion

While the losses in Poland – over the last 40 years – caused by climate change amounted to EUR 16 billion, according to the data contained in the report, the losses of all countries belonging to the European Union amounted to EUR 487 billion.

The biggest losses were caused by the IDA hurricane in the USA (USD 65 billion) and the Bernd flood in Europe (USD 54 billion).

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