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Climate change is an example of environmental damage that is imposing economic costs on people in many countries, such as the damages from hurricanes.
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Other travel cost models have been used to explore […] how climate change will impact recreational benefits in Europe.
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Climate change has significant economic costs. According to the OECD, the economic damages from climate change are estimated to be between 1.0 percent and 3.3 percent of world economic output by 2060, rising to between 2 percent and 10 percent of global output by 2100. Other research suggests the damages will be even larger—around 10 percent of global output by as soon as 2050 according to the United Nations. But the negative consequences of climate change are already occurring. According to a 2017 report, the damages from climate change are already currently averaging $240 billion per year in the United States, effectively offsetting about 40 percent of the economic growth in the United States.
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Another study estimated that 400,000 deaths in 2010 were attributable to climate change, primarily as a result of malnutrition and disease, with over 80 percent of those deaths in developing countries.
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Warming above 4 degrees Celsius is considered particularly dangerous to poorer nations, with the IPCC estimating that this would result in a high risk of reduction in fresh water availability and food supplies, along with a spread in diseases and an increase in heat-related mortality.
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The Stern Review estimated that if humanity continues “business as usual,” the costs of climate change in the twenty-first century would reach at least 5 percent of global GDP and could be as high as 20 percent.
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Rising sea levels could cause the flooding of many low-lying areas; New Orleans and southern Florida, in the United States, and Bangladesh are well-known examples, but many other cities worldwide are also in low-lying areas close to oceans. Some island countries are already losing significant land mass.