Canada Offers Lesson in the Economic Toll of Climate Change

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https://www.nytimes.com/2023/07/03/business/economy/canada-wildfires-economy.html

By Lydia DePillis, The New York Times. 

Excerpt: Canada’s wildfires have burned 20 million acres, blanketed Canadian and U.S. cities with smoke and raised health concerns on both sides of the border, with no end in sight. The toll on the Canadian economy is only beginning to sink in. The fires have upended oil and gas operations, reduced available timber harvests, dampened the tourism industry and imposed uncounted costs on the national health system. ...What long seemed a faraway concern has snapped into sharp relief in recent years, as billowing smoke has suffused vast areas of North America, floods have washed away neighborhoods and heat waves have strained power grids. That incurs billions of dollars in costs, and has longer-reverberating consequences, such as insurers withdrawing from markets prone to hurricanes and fires. In some early studies of the economic impact of rising temperatures, Canada appeared to be better positioned than countries closer to the Equator; warming could allow for longer farming seasons and make more places attractive to live in as winters grow less harsh. But it is becoming clear that increasing volatility — ice storms followed by fires followed by intense rains and now hurricanes on the Atlantic coast, uncommon so far north — wipes out any potential gains....

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