America’s Growing Disaster Liability, 2023 Update Public Deposited
U.S. DISASTERS COST $120 BILLION PER YEAR
The National Centers for Environmental Information (2023) reports that the United States averages 14 to 18 floods, wildfires, and other natural disasters per year, each costing more than $1 billion. Figure 1 shows that the 3-year running average annual loss has reached $150 billion in inflation-adjusted 2023 US dollars. In 2022, the U.S. added $1.8 trillion in new construction (U.S. Census Bureau 2023a). Disasters effectively wipe out 8% of annual new construction, or about 1 month of every year’s new construction.
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