Damage estimates of the Texas drought that began in 2010 and carried through 2011, wherein the state suffered under 100 degree temperatures for over 90 days straight, have been revised upward.
Texas Agronomists have revised estimates for the cost of Texas’ devastating drought, finding that it cost the agricultural sector $2 billion more than originally thought.
According to the Texas AgriLife Extension Service, the Texas drought has caused $7.62 billion in damages to crops and farming operations. That’s up from $5.3 billion reported last August. [...]
Nearly every single agricultural sector in the state was hammered by the record-breaking drought that began in 2010, causing a ripple effect through global commodity markets. With livestock, cotton, peanut and even pumpkin crops hit hard, shortages of product is driving prices up and putting a squeeze on farmers in the state
"It's just a fluke" they'll say, and that's at least partially correct, but what they still refuse to acknowledge is that climate change greatly increases the likelyhood of such events and exacerbates pre-existing conditions.
Billion dollar climate-related disasters are going to become the norm but, on the bright side, that may force insurance companies to officially recognize climate change as a factor. When it starts to impact their own bottom line in a serious way, business may join the push to begin preparing for what is coming.
They'll never be willing to spend their own cash reserves to prepare, mind you, but they may lobby congress to spend ours to help them prepare. Either way, I'll take it.
If not, Rick Perry can always pray for rain.