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Climate change could cut corn and soybean production in the U.S. by 80% over the next 60 years, the USDA says. The cost of insuring agriculture against extreme weather could grow 3,000% over the same time.
"Federally subsidized crop insurance covers as much as 85% of a farmer’s acres against natural disasters or declines in commodity prices. The government subsidizes 62% of the insurance premium on average."
People on the environmental left often wonder why American farmers aren't more outraged about climate change—yet, at least. One reason is that they are protected from its impacts by federal guarantees and insurance subsidies.
In parts of the country protected by private insurance against environmental disaster — California with its fire insurance, for instance — insurance companies may lead the way on climate action and climate adaptation.
But when the insurance is, essentially, government-supported, as is the case with much flood and farm insurance, policies must change before *anyone* feels the pinch of extreme weather and natural disaster.
