Report provides eye-opening new insights into the demographics of commercial victims of climate change. Young firms, which comprise not only the lifeblood of many communities but are central to national economies, do not insure against what they consider to be less frequent, extreme events, and are therefore, disproportionately bearing the costs of the vagaries of weather resulting from climate change.
With the frequency and severity of extreme weather events and unseasonal weather increasing as a result of climate change, Weather & Economics has reported on the far-reaching effects to a wide range of sectors, including agriculture (particularly for farmers of citrus fruits, avocadoes, cocoa, viticulture, and cereals) as well as for the sectors of finance, sporting events, travel, transport, automobile parts, fashion and apparel, construction, food and beverages, and snow removal, to name but a few.
Millions in revenue lost for delays, cancellations and rerouting of sports events
It was the first day medals were to be awarded for the Olympic rowing regatta, and yet no racing was taking place. Rain and persistent strong winds lashed the Rodrigo de Freitas lagoon in Rio de Janeiro leading to the postponing, and eventually, the cancellation, of racing, with organizers and team managers scrambling to prepare a revised schedule for the following day. Similarly, tennis competitions were delayed on outside courts.
In fact, the weather has been a hot topic for a number of sports this year. In June, it sparked outrage among players in the French Open, with the first complete cancellation of matches at the French Open since the year 2000 and other damp days resulting in delays and frustrations from players and organizers alike. Guy Forget, the Director of the Roland Garros Tournament, took the brunt of criticism for the controversial decision to play as long as possible, even in conditions considered difficult if not dangerous, by the competitors.