London: A new study estimates that the climate crisis caused by extreme weather is causing $1.16 million in losses every hour over the past 20 years.

Storms, floods, heat waves and droughts have caused thousands of deaths and massive building damage in the past decades, and global warming is exacerbating these events over time.

In this first-of-its-kind study, scientists estimate the direct financial toll of human-caused global warming.

The research found an average loss of $140 billion from 2000 to 2019, although the figure varies from year to year. According to the latest data, in 2022 the climate crisis caused a loss of 280 billion dollars.

According to the researchers, a lack of data (especially data from low-income countries) means a reduction in damage estimates. While crop yield reduction and sea level rise are not included in this estimate.

The researchers compiled data on financial losses caused by extreme weather events with the help of the collected data.

The study also found that 1.2 billion people were affected by the climate crisis over a period of more than two decades.