Earlier studies assumed a figure of six per cent. Climate protection is significantly cheaper than dealing with the consequences of climate change. The economic costs of climate change could turn out to be considerably higher than previously assumed. This is the finding of a study published on Monday in the journal "Environmental Research Letters" by researchers from European and US universities. According to the study, global gross domestic product (GDP) could fall by around 37 per cent this century as a result of climate change.

This would be roughly six times more than previously assumed. Earlier studies projected GDP losses of around six per cent by the year 2100. These studies had assumed that the impacts of climate change such as wildfires, flooding, and drought would not permanently affect economic growth. However, many economists now consider it unlikely that economies will be able to recover quickly from extreme weather events and the associated damage to infrastructure.

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