Climate Talk: The Threat to Agriculture & Food Supply

If we do not find a way to curb greenhouse gases, there will be serious repercussions for the U.S economy. The impacts of climate change are already being seen throughout the world. Candace Vahlsing, OMB’s (U.S Office of Management and Budget) associate director for climate, plus Danny Yagan, its chief economist, stated how: “The fiscal risk of climate change is immense.” 

Since 1980, the U.S has suffered over 300 climate change disasters. The total cost of these damaging events exceeds $2 trillion. The seafood, agriculture, livestock makeup over $300 billion in the U.S economy. If you include other agriculture industries, the agricultural sectors contribute more than $750 billion to the U.S's GDP. In a 2022 assessment, scientists and economists predict the U.S will have to contribute around $2 trillion each year, which equates to a 7.1 percent loss in yearly revenue by 2100. 

A sector climate change will greatly impact is the agriculture sector. The agriculture sector makes up only about a 5.0 percent share of the U.S economy. Although overall it makes up a smaller part of the country's economy, its local effects are tremendously impactful. If you look at the Midwest, there are many states that are dependent on agriculture. Since the 1950s, rainfall and snow has increased, producing excessive flooding. This has led to the destruction of fields and livestock dying. March 2018, Nebraska lost $440 million of cattle, while Iowa had sustained $1.6 billion in losses. 

The National Oceanic and Atmospheric Administration expects the flooding to get much worse. Farmers are planting less of their crop compared to previous years. This loss could result in ethanol or animal fields rising, disrupting markets nationally. By 2050, the Midwest is projected to lose 25% of its current soybean and corn production yield.

As demonstrated, climate change has a large impact on our economy and specifically the food supply system. Future articles will go in depth about how different sectors are affected by climate. For resources to find ways you can help the climate change crisis, please look at our resources page. 

Works Cited

Agriculture in the Midwest - Glisa. glisa.umich.edu/wp-content/uploads/2021/02/MTIT_Agriculture.pdf.

emma_newburger. “Climate Change Could Cost U.S. $2 Trillion Each Year by the End of the Century, White House Says.” CNBC, CNBC, 4 Apr. 2022, www.cnbc.com/2022/04/04/climate-change-could-cost-us-2-trillion-each-year-by-2100-omb.html#:~:text=Sullivan%20%7C%20Getty%20Images-,Floods%2C%20drought%2C%20wildfires%20and%20hurricanes%20made%20worse%20by%20climate%20change,in%20an%20assessment%20on%20Monday.

NCEI.Monitoring.Info@noaa.gov. “Billion-Dollar Weather and Climate Disasters.” Billion-Dollar Weather and Climate Disasters | National Centers for Environmental Information (NCEI), www.ncei.noaa.gov/access/billions/.

20, Renee Cho |June, et al. “How Climate Change Impacts the Economy.” State of the Planet, 20 June 2019, news.climate.columbia.edu/2019/06/20/climate-change-economy-impacts/.