Natural disasters already one of worst for billion dollar losses
According to a report by the National Oceanic and Atmospheric Administration (NOAA) - In 2017, there were 16 weather and climate disaster events with losses exceeding $1 billion each across the United States. These events included 1 drought event, 2 flooding events, 1 freeze event, 8 severe storm events, 3 tropical cyclone events, and 1 wildfire event. Overall, these events resulted in the deaths of 362 people and had significant economic effects on the areas impacted. The 1980-2017 annual average is 5.8 events (CPI-adjusted); the annual average for the most recent 5 years (2013-2017) is 11.6 events (CPI-adjusted).
During 2017, the U.S. experienced a historic year of weather and climate disasters. In total, the U.S. was impacted by 16 separate billion-dollar disaster events tying 2011 for the record number of billion-dollar disasters for an entire calendar year. In fact, 2017 arguably has more events than 2011 given that our analysis traditionally counts all U.S. billion-dollar wildfires, as regional-scale, seasonal events, not as multiple isolated events.
More notable than the high frequency of these events is the cumulative cost, which exceeds $300 billion in 2017 -- a new U.S. annual record. The cumulative damage of these 16 U.S. events during 2017 is $306.2 billion, which shatters the previous U.S. annual record cost of $214.8 billion (CPI-adjusted), established in 2005 due to the impacts of Hurricanes Dennis, Katrina, Rita and Wilma.