(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.

Continue Reading for Free

Register and gain access to:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.