United States (U.S.) President Donald Trump declared climate change a “con job” during his address at the 80th session of the United Nations General Assembly (UNGA) in September 2025.
Despite his remarks, extreme weather linked to climate change has caused the loss of more than $100 billion in the first half of 2025.
The world suffered worsening effects of climate change in 2025 with frequent wildfires, tsunamis, floods, droughts and heatwaves and now experts have revealed the economic impact of these extreme weather patterns.
As per estimates from the insurance companies such as Munich Re, AON and Gallagher RE, the extreme weather patterns incurred damages between $93 billion to $126 billion in just the first half of the year.
The National Oceanic and Atmospheric Administration (NOAA) data reveal that this new estimate has shattered the previous record of the most costly six months. In 2023, losses of nearly $57 billion were reported.
A climate scientist and vice president for science at Climate Central Kristina Dahl told Live Science, “If we continue to warm the planet, we can expect extreme weather to grow more frequent and more severe.”
So far the climate related incidents have not dramatically increased the death rate, however, experts believe that if extreme weather intensifies this pattern could change.
The costliest catastrophe in the U.S. this year was the Los Angeles wildfires that resulted in the loss of nearly $58 billion.
Experts warn that if countries maintain current emission rates, climate impacts will worsen further.