(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.
But trying to curb emissions might not have much impact over that time period.
|Cut federal spending
"A coordinated global effort could lessen hurricane damage between now and 2075, but the result would be uncertain," the independent budget analysts wrote. "Sea level rise is relatively insensitive to changes in emissions in the next few decades."
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