Climate change’s cost in Arctic could chill future economy worldwide, study finds

In what its authors admit is almost certainly an underestimate, a new study says the catastrophic climate changes coming to the Arctic will cost at least $2.4 trillion by mid-century. (To put that into perspective, President Obama just proposed a $3.8 trillion federal government budget for next year.)

The true cost is likely to be a whole lot more — probably in the range of the combined gross domestic products of Germany, Russia and the United Kingdom, says the report, which was financed by the Pew Environment Group. (more)