From hurricanes in Miami to earthquakes in San Diego to tornadoes in Nashville, Tennessee, investing in disaster preparedness pays off. And with the cost of disasters growing, it’s essential for government, businesses, and households to invest in climate resilience.
The Climate Resiliency Report, “The Preparedness Payoff,” from the U.S. Chamber of Commerce, Allstate, and the U.S. Chamber of Commerce Foundation, breaks this down further, showing substantial economic savings resulting from upfront investment in disaster resiliency programs and resources.
We sat down with resilience experts to unpack these findings and discuss how investments in climate resilience not only reduce disaster costs, but also promote economic growth and stability in communities.
Weather-related catastrophes are increasing in frequency and severity around the world.
In 2023, the cost of natural disasters in the U.S. exceeded $92.9 billion, including 28 weather events causing over $1 billion in damage each. With billion-dollar disasters now the norm, communities must take action to mitigate the impact of these catastrophes.
Investing in climate resilience can create jobs, boost local economies, and preserve incomes.
Our 2024 Climate Resiliency Report, The Preparedness Payoff, models 25 disaster scenarios ranging in damage and cleanup costs from $1 billion to $130 billion in communities across the country. These scenarios revealed when communities, businesses, and families invest in disaster resiliency programs and resources, they can preserve millions of jobs and household incomes, reduce the number of people displaced from their homes, and maintain production to help local economies rebound faster.
The economic benefits are clear: investing in preparedness can save communities billions of dollars.
According to the 2024 Climate Resiliency Report, every $1 invested in natural disaster resilience and preparedness, communities can save $13 in damages, cleanup costs, and long-term economic impact. This can add up to billions of dollars in savings from upfront investment.
Too many businesses and families are not prepared for the next disaster.
In new Allstate/Morning Consult polling,roughly two-thirds of Americans do not have a set plan for natural disasters, reflecting a lack of confidence in their preparedness for potential emergencies.
With competing demands for limited resources, it can be difficult for businesses and families to prioritize resilience. The Preparedness Payoff report is designed to help change that and make the case for investing in preparedness.
Continue the Conversation
September is National Preparedness Month. Join us in raising awareness about the importance of climate resiliency and help the businesses and families in your community prepare for the next disaster.
Here are three ways to take action today.
About the authors
