This summer's extreme weather in Europe will lead to substantial upward revisions to assessments of the near-term economic costs of the physical risks from climate change.
Because current emissions reductions will have little effect on the climate experienced during today’s voters’ lifetimes, this summer’s extreme weather events in Europe are unlikely to persuade people to vote for more ambitious near-term climate policy.
Upward revisions of insurance premiums for physical risks associated with climate change following this summer's extreme weather events in Europe would indicate that insurance and reinsurance markets have historically underpriced those risks.
