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There is absolutely no way going over 4C is just 3% of GDP. Just sea level rise alone, forget about challenges in food production will cost way more than that. How much is Miami worth? NYC? And that's fixed wealth not annual production. The Nordhaus study is garbage.
The damages from sea level rise are great if we assume nobody will adapt in any way But, of course, humanity will adapt, and that changes the costs dramatically — from about 5% GDP cost to *lower* costs of 0.008% https://www.sciencedirect.com/science/article/pii/S0040162520304157 …pic.twitter.com/dK1elGKmBH
Cause adapting New York is cheap.
48 billion dike costs is definitely too low. NYC is already planning 4 billion in spending.https://sealevelrise.org/states/new-york/#:~:text=And%20It's%20Costing%20Over%20%244%20Billion …
$48bn is annual costs, and NYC's adaptation spending likely very bloated Remember the total cost of all flood protection in the Netherlands is about €5-10bn over a half-century (https://jiip.eu/mop/wp/wp-content/uploads/2018/09/NL_Delta-Programme_Goetheer.pdf …, https://research.vu.nl/en/publications/adaptation-cost-in-the-netherlands-climate-change-and-flood-risk- …), so about $.2bn/yr for world's biggest project
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