"Cardiff garcia. Normally, we are broadcasting from inside a warm protected studio today Stacey his dragged me outside into the elements. And I know it's going to be good for the show. But I don't much. Appreciate it at the moment. Yeah. We are outside of our office right now kind of on the sidewalk near time square in New York that we're standing in front of the grace building. Yes. In front of the grace building. There's snow and ice everywhere. And okay Cardiff, Joe your phone, would you mind checking the temperature? Let's do attempt. Check I have to now take off my glove to turn on my check. Check the temperature. Yes. It is now twenty two degrees. And actually that's better than you'd expect. So awesome. It's warmed up. It is warmed up to a relatively. Twenty two degrees. So anyways, this indicator I'm Garcia. I'm Stacey management, and we are outside and it is so cold. And of course, the weather is not just a personal comfort issue at all. Also packed a big economic punch. That's right. Because remember the economy is a living, and breathing and sometimes freezing thing it's made up of people people who shop people who get haircuts people. Go to work people who go out afterward, and all of those things get a lot harder. In extreme weather today on the show through chattering teeth, the economics of weather what happens to the economy when it rains or hails just gets really really cold when Jack frost nipping at our GP. Get some hot chocolate hot chocolate hot chocolate o'clock. Support for this podcast and the following message. Come from discover become a new cardmember and at the end of your first year. Discover will match all the cash back you've earned dollar for dollar. Learn more at discover dot com slash match only for new card members. Limitations apply. Support also comes from NPR sponsor male champ. It might sound like male champ only does Email marketing, but they can do a lot more to help your business grow with landing pages, audience management and automation mail champ. They do more than male. Today's indicator is negative seventy seven that is the temperature recorded at thief river falls, Minnesota one night last week North Dakota, South Dakota. I and New Hampshire also temperatures in the negative double digits. The culprit the infamous polar vortex, basically a weather system that is usually above the North Pole came here to visit us in the US. Andrea Prien is research scientist. At the center for atmospheric research. He studies extreme weather for a living. But even he says it was pretty shocked to see how cold got last week move, very extreme. I totally agree. But it's it's I talked to I'm from Europe. So I didn't really experienced this really cold extremes from Austria originally. Andrea studies extreme weather like the pullover Tech's, and he looks at the different impacts that the weather can have what is the economic effects of extreme weather. It's really big really big and getting bigger. Andrea says pretty much across the board. We are seeing more extreme weather events. He's as climate change is causing more intense big storms like hurricanes, and these storms are more expensive than they used to be both because they're more intense. And also because there are more people moving to areas that are affected by extreme weather places, like New York and Florida the biggest economic fact in the US is coming from hurricane. So for example, if he talked to insurance industry most concerned about Atlantic hurricanes when they hit the east coast really the most expensive events and in the most damaging events Andrea says that seventeen of the twenty most expensive and damaging cyclones we've had have occurred in the last twenty years. He says it hurricanes Katrina sandy Harvey Maria all caused between roughly seventy billion one hundred twenty five billion dollars each in damages that was in destroyed property flood damage businesses being suspended. Or even permanently closed in some cases. He says hurricanes have emerged as the most economically destructive form of extreme weather in the US. What is the second most expensive? The second is Willie heatwave and drought. L two thousand twelve we had a really big drought in the midwest. And it's mainly equa cultural costs that are the driving there. And of course, it's also the most badly badly of deadliest of a natural disasters have to say most people especially vulnerable populations like elderly elderly people, very monitorable to heat events and droughts under his points out the drought in California a few years ago cost nearly three billion dollars that was from things like last employment on farms as well as insurance claims and lost agricultural productivity. So the second most economically damaging extreme weather event is droughts and heat waves number three. I would say example boulder on two thousand thirteen we have a really big flood event in builder. Which was very expensive than the west which flooding, for example, in two thousand sixteen really expensive in cost a lot of deaths. Andrea says that there are a lot more floods in there used to be extreme rainfall in the northeast. He says has increased by about seventy percent in the last seventy years and also he says commercial insurance generally doesn't cover flooding. So those costs can fall to homeowners and business owners and also in some cases to the government and that brings us to the fourth most economically, damaging extreme weather event view convective storms convective with v. Come with a v. Okay. Okay. I'm back. I shouldn't use. Talking whether lingo, this is good to know, the interesting thing about severe convective storms that that can cause to NATO or notch. Halo, very strong winds yet another that, I know convective storms who knew and Andrea says convective storms, and the tornadoes and hail. They often bring with them cost more than eleven billion dollars in damage every year, and that brings us to the fifth and final kind of extreme weather last, and I guess in this case least, but isn't like that at the moment, especially now with wind chill, cold weather. Andrea says that cold weather has a different kind of economic costs than storms there's less property damage, but the cold is kind of like hitting an economic pause button colts as motive I think the business disruption that it's the problem. The polar vortex has been more extreme in this way than most cold fronts. Temperatures got so low that flights were cancelled businesses were closed people were told to stay home. Stay off the roads address says as we see more and more extreme. Weather events. It will start to be a bigger drag on the economy and on tax payers, that's everything from insurance losses to property damage to business destruction. But no matter how you look at it. It will be increasing burden on our economy. One estimate. Put the economic impact of the polar vortex at about five billion dollars so far so far notes moving east towards the east coast. Wait a minute. It's coming east like New York east, Massachusetts, Rhode Island could be New York. It's the whole cold air blob is moving east feeling the cold air wlob card if it's coming for us. Are you? Sure. It's not already know. It's twenty degrees. It's definitely not here yet. Today's episode was produced by Constanza Gherardo. Our intern is will Ruben were edited by Patty Hirsch, and where production of NPR. Human behaviour doesn't always make a ton of sense at least on the surface. I said you mind, if I give the dog a little piece of cracker with some hot sauce on it. And without and see what they chewed hidden brain a spicy podcast about science psychology. And why people do what they do."