Climate-related economic losses

European Environment Agency (EEA) data indicate that the long-term trend in climate-related economic losses in Norway has developed in accordance with the EU policy objective of reducing overall monetary losses from weather and climate-related events. However, national data from the Natural Perils Pool paint a different picture. Measured in fixed 2023 NOK, these national data show increasing economic losses/costs due to weather and climate-related events (storms, storm surges, floods, landslides and avalanches) between 1980 and 2023. Long-term projections from the Norwegian Centre for Climate Services give reason to assume that, as 2100 nears, Norway will experience more precipitation, heavier and more frequent torrential rainfall, larger and more frequent rain floods, less frequent and smaller snowmelt floods and rising sea levels. How climate change will play out and impact future economic costs in Norway is uncertain. To gain more knowledge of and address this uncertainty, the Norwegian government has appointed an expert committee on the socioeconomic consequences of climate change. The expert committee started its work during the autumn of 2024 and will submit its final report by July 2026.