The federal government is ill-prepared to shoulder what could be a trillion-dollar fiscal crisis associated with extreme weather, floods, wildfires and other climate disasters through 2100, federal investigators have found.
In the latest of a series of reports, the Government Accountability Office says that costs of disaster assistance to taxpayers since 2005 have swelled to nearly $500 billion—and they keep getting higher.
“The federal budget, however, does not generally account for disaster assistance provided by Congress or the long-term impacts of climate change on existing federal infrastructure and programs,” GAO found in the 16-page report, which was presented as testimony to Congress by Alfredo Gómez, director of the office’s natural resources and environment team.
Moreover, the government “does not have certain information needed by policymakers to help understand the budgetary impacts of such exposure,” GAO found.
The findings follow a dramatic escalation in federal spending on disaster assistance since 2005. Much of that money—upward of $450 billion—has been appropriated under […]