119 Q UA RT E R _ 0 2 _ 2 0 2 6 190 430 Annual cost: $1.2 trillion (2020 dollars) At 2ºC $472 billion $1.2 trillion Wildfires Heat Drought Flooding Cost by hazard: Cost to address increased severity at 2ºC in places currently exposed Cost to address hazards in newly exposed places at 2ºC Cost to maintain current protection levels at 2ºC level compared with today: 2.5✕ Cost to expand current protection levels to developed-economy standards at 2ºC level compared with today: 6.2✕