Climate change could cost states $2 trillion annually by the end of the century

The White House estimates that floods, droughts, wildfires and hurricanes exacerbated by climate change could cost the U.S. federal budget about $2 trillion a year by the end of the century.

Such spending could result in a 7.1 percent annual drop in federal revenues by the end of the century. According to the U.S. Office of Management and Budget, the government may already be spending $25 billion to $128 billion annually on disaster response and insurance.