• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Surging Treasury yields expose a brutal truth: America has no margin for error on its $39 trillion debt

2

After a judge ordered Trump's name be removed from the Kennedy Center, president says it will 'soon be closed, probably never to open again'

3

Current price of oil as of May 29, 2026

1

Surging Treasury yields expose a brutal truth: America has no margin for error on its $39 trillion debt

2

After a judge ordered Trump's name be removed from the Kennedy Center, president says it will 'soon be closed, probably never to open again'

3

Current price of oil as of May 29, 2026
Environment

With 4 months still left, the U.S. has already set a new record for the most costly weather disasters in a year—for a total of $58 billion

By
Seth Borenstein
Seth Borenstein
and
The Associated Press
The Associated Press
Down Arrow Button Icon
By
Seth Borenstein
Seth Borenstein
and
The Associated Press
The Associated Press
Down Arrow Button Icon
September 11, 2023, 2:49 PM ET
Maui wildfire left hundreds of homes in ruins.
Maui wildfire left hundreds of homes in ruins. Matt McClain—The Washington Post/Getty Images

The deadly firestorm in Hawaii and Hurricane Idalia’s watery storm surge helped push the United States to a record for the number of weather disasters that cost $1 billion or more. And there’s still four months to go on what’s looking more like a calendar of calamities.

Recommended Video

The National Oceanic and Atmospheric Administration announced Monday that there have been 23 weather extreme events in America that cost at least $1 billion this year through August, eclipsing the year-long record total of 22 set in 2020. So far this year’s disasters have cost more than $57.6 billion and claimed at least 253 lives.

And NOAA’s count doesn’t yet include Tropical Storm Hilary’s damages in hitting California and a deep drought that has struck the South and Midwest because those costs are still be totaled, said Adam Smith, the NOAA applied climatologist and economist who tracks the billion-dollar disasters.

“We’re seeing the fingerprints of climate change all over our nation,” Smith said in an interview Monday. “I would not expect things to slow down anytime soon.”

NOAA has been tracking billion-dollar weather disasters in the United States since 1980 and adjusts damage costs for inflation. What’s happening reflects a rise in the number of disasters and more areas being built in risk-prone locations, Smith said.

“Exposure plus vulnerability plus climate change is supercharging more of these into billion-dollar disasters,” Smith said.

NOAA added eight new billion-dollar disasters to the list since its last update a month ago. In addition to Idalia and the Hawaiian firestorm that killed at least 115 people, NOAA newly listed an Aug. 11 Minnesota hailstorm; severe storms in the Northeast in early August; severe storms in Nebraska, Missouri, Illinois, Indiana and Wisconsin in late July; mid-July hail and severe storms in Michigan, Wisconsin, Ohio, Tennessee and Georgia; deadly flooding in the Northeast and Pennsylvania in the second week of July; and a late June outbreak of severe storms in Missouri, Illinois and Indiana.

“This year a lot of the action has been across the center states, north central, south and southeastern states,” Smith said.

Experts say the United States has to do more to adapt to increased disasters because they will only get worse.

“The climate has already changed and neither the built environment nor the response systems are keeping up with the change,” said former Federal Emergency Management Agency director Craig Fugate, who wasn’t part of the NOAA report.

The increase in weather disasters is consistent with what climate scientists have long been saying, along with a possible boost from a natural El Nino, University of Arizona climate scientist Katharine Jacobs said.

“Adding more energy to the atmosphere and the oceans will increase intensity and frequency of extreme events,” said Jacobs, who was not part of the NOAA report. “Many of this year’s events are very unusual and in some cases unprecedented.”

Smith said he thought the 2020 record would last for a long time because the 20 billion-dollar disasters that year smashed the old record of 16.

It didn’t, and now he no longer believes new records will last long.

Stanford University climate scientist Chris Field called the trend in billion-dollar disasters “very troubling.”

“But there are things we can do to reverse the trend,” Field said. “If we want to reduce the damages from severe weather, we need to accelerate progress on both stopping climate change and building resilience.”

Subscribe to Fortune Gulf Brief. Every Tuesday, this new newsletter will deliver clear-eyed, authoritative intelligence on the deals, decisions, policies, and power shifts shaping one of the world’s most consequential regions, written for the people who need to act on it. Sign up here.
About the Authors
By Seth Borenstein
See full bioRight Arrow Button Icon
By The Associated Press
See full bioRight Arrow Button Icon

Latest in Environment

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Environment

grid
Environmentpower grid
The U.S. power grid isn’t one big machine — it’s three. That’s a problem for blackout season
By Sufan Jiang, Fangxing Fran Li and The ConversationMay 30, 2026
16 hours ago
Asia is already grappling with a fuel crisis. A ‘Super El Nino’ threatens to make things worse
Environmentclimate change
Asia is already grappling with a fuel crisis. A ‘Super El Nino’ threatens to make things worse
By Angelica AngMay 28, 2026
3 days ago
r
Environmentwater use and conservation
The river that supplies 40 million Americans is down to 23% — and about to make a $25 million bet on one fish
By Dorany Pineda, Brittany Peterson and The Associated PressMay 27, 2026
4 days ago
a
EnergyCorporate Governance
BP ousts chairman months into his tenure, citing ‘important governance standards, oversight and conduct’ concerns
By Michelle Chapman and The Associated PressMay 26, 2026
5 days ago
As the U.S. and Europe pull back from global climate aid, can Asian funders fill the gap?
Asiaphilanthropy
As the U.S. and Europe pull back from global climate aid, can Asian funders fill the gap?
By Angelica AngMay 25, 2026
5 days ago
g
North Americawater use and conservation
America’s largest oil export hub is so starved of water that it’s been illegal to have a green lawn for 2 years
By Michelle Hummel and The ConversationMay 25, 2026
6 days ago

Most Popular

Surging Treasury yields expose a brutal truth: America has no margin for error on its $39 trillion debt
Economy
Surging Treasury yields expose a brutal truth: America has no margin for error on its $39 trillion debt
By Shawn TullyMay 30, 2026
21 hours ago
After a judge ordered Trump's name be removed from the Kennedy Center, president says it will 'soon be closed, probably never to open again'
Law
After a judge ordered Trump's name be removed from the Kennedy Center, president says it will 'soon be closed, probably never to open again'
By Collin Binkley and The Associated PressMay 30, 2026
7 hours ago
Current price of oil as of May 29, 2026
Personal Finance
Current price of oil as of May 29, 2026
By Joseph HostetlerMay 29, 2026
2 days ago
Gen Z is rejecting $200 dates and choosing 'solo-maxxing'—and dating apps are taking a hit
Economy
Gen Z is rejecting $200 dates and choosing 'solo-maxxing'—and dating apps are taking a hit
By Sydney LakeMay 30, 2026
17 hours ago
As CEO of the $96 billion Sam’s Club, Latriece Watkins is testing her mettle at the warehouse retailer that produced CEOs for Walmart, Target, and Walgreens
Magazine
As CEO of the $96 billion Sam’s Club, Latriece Watkins is testing her mettle at the warehouse retailer that produced CEOs for Walmart, Target, and Walgreens
By Emma HinchliffeMay 27, 2026
4 days ago
U.S. says deals with Iran for safe Hormuz transit are prohibited
Politics
U.S. says deals with Iran for safe Hormuz transit are prohibited
By Jack Wittels and BloombergMay 30, 2026
13 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.