Canadians will see lower incomes and a choice between higher taxes or fewer government services if there isn't more effort to adapt to the changing climate, a new report warns.
In 2021, severe weather caused $2.1 billion in insured damages, which does not include costs related to public infrastructure or uninsured private losses.
It says that to prevent a loss in government services, including to health care or education, income taxes would have to increase by 0.35 per cent in 2025, compared to now, and get one per cent higher by 2050. Beyond higher reconstruction costs, Canada is also facing massive economic disruptions as factories are closed during storms or extreme heat and supply chains are disrupted. Railways and highways might fail faster than expected under the stress of more extreme weather.Construction will get an economic boost, but only because it needs to step in to repair and replace damaged structures and transportation corridors, the report says.
But if every effort is made to limit global warming by cutting greenhouse gas emissions, the report says, and Canada makes the needed investments to add resilience to public and private infrastructure, things will look better.
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