10-YEAR COST OF EXTREME WEATHER IN AUSTRALIA REACHES A55BN

The cost of extreme weather events in Australia has more than doubled since the 1970s, reaching A$35bn ($27bn) in the decade 2010-2019, according to a report from the Climate Council. Floods made up the greatest proportion (29%) of economic damages from extreme weather in Australia over the last decade, followed by tropical cyclones (23%) and droughts (19%). The Australian state of Queensland accounted for the lion’s share of losses over the decade, with more than twice the national average. Modelling suggests that the economic cost of climate change to Australia will rise much further, the Climate Council said. Annual damages from extreme weather, along with sea-level rise and other impacts of climate change in Australia, could exceed $100bn by 2038, it said. Some extreme weather events already show ‘tipping point’ behaviour when a critical level of heat or drought triggers a massive, devastating event. This was seen recently with bushfires and bleaching of coral reefs, it said.