(Bloomberg) – Ten million Americans will be "substantially affected" by climate change by 2075, causing government disaster spending to jump, the Congressional Budget Office projected Thursday.
|Financial risk shift
But, instead of trying to cut carbon emissions, the federal government should make coastal residents bear more of the financial risks for living there, the office said.
The five-fold increase in people affected will result from rising seas, more intense hurricanes and more development along the coast, the budget office said. It predicted that federal disaster spending will grow to $39 billion annually in current dollars, from $28 billion now.
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