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The world's most expensive cities to live in 2022

<a href="https://www.flickr.com/photos/itupictures/3909434046/in/photolist-6XsSxh-82uEMC-7WNswi-6eWurW-egzatZ-oeeqeQ-hZgiJy-eqFStg-cDF3uu-chfgLq-cD14M5-hXwSGr-cDF34w-sgZP3M-rmczpn-rUNaCF-rFWkuB-cCZF2U-r7Sy2x-cCZXnW-fp1ys6-fpfMvo-ehNUwp-rp4BeT-exPLBe-rjyyKV-7SjuS3-rGzQ1Q-s9Xw4r-dPRquJ-rNH52v-rDjZ7X-7AZ5sB-s9UmFv-fvycH2-unFpfQ-rDdaDd-fpfQRA-9tbGFw-c7VUaw-vqNHqC-fpfMJf-tQKUCJ-rCSX8z-fp1yfB-9tHb33-fpfM7j-c7VVEC-cDF1Lw-s9UppM">ITU Pictures/Flickr</a><br /><br />Swiss cities like Geneva (pictured) dominated the top of the ranking.<br /><br /><br /><br /><br />ECA International has released its annual Cost of Living report, revealing the <keyword id="182415" type="PERSON" weightage="20" keywordseo="most-expensive">most expensive</keyword> cities in the world to live in.<br /><br />In order to produce the list, the business management consultancy compared the costs of a basket of day-to-day goods and services commonly purchased by expats in various countries, including groceries, household and recreational goods, leisure, clothing, meals out, as well as alcohol and tobacco, among other items.<br /><br />European cities dominated the top of the ranking, with almost a third of the top 100 cities being located in the continent.<br /><br />Meanwhile, only three US cities placed in the top 50 - and a surprise winner took the top spot.<br /><br />Scroll down to see the 18 most expensive cities to live in the world, ranked in ascending order.<br /><br /><br /><br />

The 18 most expensive cities to live in the world

<ul><li><strong>Robert E Mnuchin, father of Treasury Secretary Steven Mnuchin, made a bid of $91.1 million to buy the Rabbit, a steel sculpture. <br /></strong></li><li><strong>A rare matte white Himalaya Niloticus Crocodile Birkin 30 with 18-carat white gold and diamond hardware was sold for HK$2 million. <br /></strong></li><li><strong>The 1972 Nike Waffle Racing Flat ‘Moon Shoe’ became the world’s most expensive pair of sneakers ever sold at an auction after they were sold for $437,500. <br /><br /></strong></li></ul>The rich and the wealthy live a fairytale life and that includes purchasing exotic items. Last year, the world’s ultra-rich bought a glimmering array of ultra-expensive sculptures; world’s most expensive sneakers, collectible handbags, vintage liquor and of course  — rare cars. <br /><br />The Knight Frank’s Wealth Report listed down all the eye-catching auctions sales of 2019. <br /><br /><div type="Slideshow" msid="74491132" hostid="261" title="Diamond-studded handbags and Pink Floyd guitars — here’s what the world’s super rich are buying at auctions" firstImageMsid="74491338" slideCount="13"></div>


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Diamond-studded handbags and Pink Floyd guitars — here’s what the world’s super rich are buying at auctions

<p><strong><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Justin Sullivan/Getty Images</span></p><p class="caption">The conditions that enabled the fires, said the ex-CEO and experts, were the result of climate change.</p></div><p></p></div></div></strong></p><ul class="summary-list"><li><strong>The spectacular collapse of PG&amp;E, which filed for bankruptcy protection on Tuesday, just become the biggest corporate victim of a rapidly changing climate. </strong></li><li><strong>Reinsurance firm Munich Re called the fire the world's most expensive natural disaster of last year, <a href="https://uk.reuters.com/article/uk-pg-e-us-bankruptcy/pge-owner-of-biggest-us-power-utility-files-for-bankruptcy-idUKKCN1PN0PZ">Reuters reported</a>, and the company estimates total losses from it at $16.5 billion. </strong></li><li><strong>PG&amp;E's huge liabilities for California wildfires demonstrate the increasing dangers of climate change to businesses which don't adapt to a rapidly heating planet. </strong></li></ul><p>The spectacular collapse of PG&amp;E, which filed for bankruptcy protection on Tuesday, just become <a href="http://blog.insurancethoughtleadership.com/blog/pge-were-not-gonna-take-it-anymore?utm_campaign=ITL%20SUBSCRIPTION&amp;utm_source=hs_email&amp;utm_medium=email&amp;utm_content=69187015&amp;_hsenc=p2ANqtz-9tahzCjSGfwR_rmdGSWjXBJoOxIJPdRcnPcic2XQf97eaTwiE7J2KCm_jYbHxWVAtuhS3daQZIXTFjvPl5hJWtaWkud-xHMkrXpnDfuEbqxSc8Jsc&amp;_hsmi=69187015">the biggest corporate victim of a rapidly changing climate</a>.</p><p>The series of fires that has claimed thousands of acres of California land and caused hundreds of deaths has now all but destroyed the San Francisco-based utility, <a href="https://www.bloomberg.com/news/articles/2019-01-29/pg-e-files-for-bankruptcy-while-facing-billions-in-fire-damages">buckling under about $52 billion in debt</a>. PG&amp;E <a href="https://www.bloomberg.com/news/articles/2019-01-29/pg-e-files-for-bankruptcy-while-facing-billions-in-fire-damages">has seen about 75% of its market capitalization wiped out</a>, its CEO step down, its bonds rated junk and its liabilities, some say, balloon to over $30 billion.</p><p>Reinsurance firm Munich Re called the fire the world's most expensive natural disaster of last year, <a href="https://uk.reuters.com/article/uk-pg-e-us-bankruptcy/pge-owner-of-biggest-us-power-utility-files-for-bankruptcy-idUKKCN1PN0PZ">Reuters reported</a>, and the company estimates total losses from it at $16.5 billion. While investigators are still probing whether PG&amp;E equipment started the fires, the company may be legally liable even if not found negligent.</p><p><span><em><strong>Read more</strong>: <a href="https://www.businessinsider.com/bad-unethical-companies-take-note-youre-going-to-soon-cough-up-more-for-debt-2018-12">The loan market has a new reward - and punishment - system to force firms to be climate friendly</a></em></span></p><p>PG&amp;E shareholder BlueMountain Capital Management fired back at the company, saying <a href="https://www.prnewswire.com/news-releases/pges-reckless-chapter-11-filing-will-harm-all-stakeholders-says-bluemountain-capital-management-llc-300785771.html?">in a statement</a> that it was "deeply disappointed" that the board "has ignored calls from multiple parties to abandon its reckless and irresponsible plan to file for bankruptcy."</p><p>PG&amp;E was cleared last week of responsibility for one of several wildfires in 2017, which on Thursday sent the stock soaring more than 70% amid raised hopes that liabilities might be also limited relating to last year's California fire. That 2018 fire, dubbed Camp Fire, was the deadliest wildfire in California's history. </p><p>Today's bankruptcy plans sent PG&amp;E stock down more than 12% in premarket trading. </p><h2>A wake up call for other companies</h2><p>The conditions that enabled the fires, PG&amp;E's (now departed) <a href="https://www.insurancejournal.com/news/west/2018/08/13/497820.htm">CEO said, were the result of global warming</a> and climate change. <a href="https://www.pbs.org/newshour/show/climate-change-is-making-wildfires-more-extreme-heres-how">Experts agree</a>.</p><p>PG&amp;E's fate is a troubling sign for businesses which could meet the same outcome, and the saga has turned into a wake up call to other businesses affected by the fallout from global warming.</p><p>"The physical risks posed by climate change are both indiscriminate and unpredictable," said Jeanne Martin, senior campaigns officer at ShareAction.</p><p><span>Investors are increasingly eager to get better visibility of the risks. A recent survey by global environmental impact non-profit CDP found that 85% of companies are citing physical climate risks as factors in their decision making.</span></p><h2>Risks come in many forms</h2><p>But it's not just extreme weather events like fires and hurricanes <span>- </span>the risks come in many forms. While not as severe an outcome as PG&amp;E, the possibility that governments are forced into drastic shifts in policy as a result of climate change could put some industries under increased threat. </p><p>Commodity giants like Shell, BP, and Glencore are among those at risk from climate-driven demand for more ecological energy sources, according to ShareAction.</p><p>Another threat: the possibility of highly polluting companies being found liable for their role in climate change and the exacerbation of extreme weather. For example, <span>The Philippines Human Rights Commission is investigating the responsibility of 47 'Carbon Major' companies for climate-related human rights impacts.</span></p><p>"PG&amp;E is unlikely to the be the last company to fall victim to climate change unless we reduce the systemic risk it poses," said ShareAction's Martin.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/donald-trump-morning-ritual-ego-boost-2015-11">Michael D'Antonio reveals Donald Trump's 'strange' morning ritual that boosts his ego</a></h3>        <div>                    </div>    </div>

Climate change just claimed its first bankruptcy - PG&E succumbs to fallout from the world's most expensive natural disaster

<keyword id="126991" type="CITY" weightage="20" keywordseo="Mercer">Mercer</keyword> just revealed its list of most expensive cities in the world for expatriates and it shed light on various aspects.<br /><br /> As per the Mercer's 23rd annual Cost of Living Survey, Luanda, the capital of Angola, emerged as the <keyword id="2905848" type="UNKNOWN" weightage="20" keywordseo="costliest-city">costliest city</keyword>, followed by Hong Kong and Tokyo at the second and third places, respectively.<br /><br /> The other seven cities in the list were Zurich, Singapore, Seoul, Geneva, Shanghai, New York City, and Bern.<br /><br /> Speaking about India, Mumbai emerged as the most expensive city for expatriates in India. It ranked higher than Paris, Canberra, Seattle and Vienna.<br /><br /> Meanwhile, New Delhi was placed at 99. Chennai (135), Bangalore (166) and Kolkata (184) were the other Indian cities on the list.<br /><br /> Overall, Indian cities have moved up the global ranking substantially. Mumbai has moved 25 notches up from being at 82 in 2016 while New Delhi has improved to 99 in 2017 from 130 in 2016, Chennai (135 this year from 158 in 2016), Bengaluru (to 166 from 180) and Kolkata (to 184 from 194).<br /><br /> The improvement of ranking of Indian cities was not just on account of internal factors, but also because some global cities fell in ranking following currency volatility, especially in Egypt, Turkey and the United Kingdom, Mercer said.<br /><br />

This city is most expensive for expatriates in India

<p><div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div></p><ul class="summary-list"><li>The 1994 Northridge earthquake killed more than 50 people and created widespread devastation in Los Angeles.</li><li><span>The earthquake was one of the world's most expensive natural disasters, causing an estimated $35 billion in damage.</span></li><li>Twenty-five years after the quake, scientists are warning of the next "Big One," which could wreak even more havoc in California. </li></ul><p>As scientists warn of the <a href="https://www.newsweek.com/san-andreas-fault-big-one-inevitable-what-will-happen-when-it-hits-1133854">next big earthquake</a> in California, a devastating tragedy <span>in </span><span>Los Angeles may offer insight into what's to come.</span></p><p><span>Twenty-five years ago today, a 6.7-magnitude earthquake struck Northridge, an area just northwest of LA, destroying thousands of residences and leaving around 22,000 people displaced from their homes.</span></p><p><em><strong>Read more:</strong> <a href="https://www.businessinsider.com/earthquakes-global-seismic-hazard-slow-earth-rotation-2017-11">We could see twice as many big earthquakes this year, scientists warn - because the equator has shrunk</a></em></p><p><span>Studies now estimate that the earthquake <a href="https://www.earthquakeauthority.com/Press-Room/Press-Releases/2019/Northridge-earthquake-remembered">caused $35 billion in damage</a>, making it not only the costliest earthquake in US history, but one of the most expensive natural disasters the world has ever seen.  </span></p><p><span>The lessons learned from Northridge can easily apply to the next "Big One," which scientists anticipate could reach a magnitude of 8.0. If that happens, around <a href="https://la.curbed.com/2019/1/15/18182585/earthquake-california-evacuation-shelter-predictions">1,800 people could die</a> in Southern California and another 270,000 people could be displaced.</span></p><p><span>At the very least, a quake of that magnitude could slash power, topple infrastructure, and consume lives.</span></p><p><span>Take a look at what that kind of devastation did to Los Angeles in 1994. </span></p>

Devastating photos show the damage from the 1994 Northridge earthquake in Los Angeles. It could pale in comparison to the next 'Big One.'

<p><div class="image-container float_right click-to-enlarge" style="width:400px"><div class="image"><a title_source="Google Maps" title_caption="" class="zoomin" href="http://static3.businessinsider.com/image/5176a43c6bb3f7802100001c-960/18-carlton-house-terrace-most-expensive-uk-home-1.jpg"><span class="click-to-enlarge-icon" title="Click to enlarge"></span></a></div><p class="source"><a href="https://maps.google.com/maps?q=18+Carlton+House+Terrace&amp;oe=utf-8&amp;aq=t&amp;rls=org.mozilla:en-US:official&amp;client=firefox-a&amp;channel=fflb&amp;um=1&amp;ie=UTF-8&amp;hl=en&amp;sa=N&amp;tab=wl">Google Maps</a></p></div>A <keyword id="6354968" type="COMPANY" weightage="60" keywordseo="London">London</keyword> home has gone on sale for £250 million, or $380 million, <a href="http://www.thetimes.co.uk/tto/life/property/article3746010.ece" target="_blank">according to The Times</a>. If it sells at the current price, it will earn the title of the <keyword id="182415" type="UNKNOWN" weightage="60" keywordseo="most-expensive">most expensive</keyword> home ever sold in the UK.</p>
<p>The 19th century <keyword id="108066" type="UNKNOWN" weightage="60" keywordseo="mansion">mansion</keyword> is located on 18 Carlton House Terrace in the heart of London, close to Buckingham Palace, Piccadilly Circus, and Trafalgar Square.</p>
<p>The property has approximately 50,000 square feet of living space spread over three floors, and is said to currently be owned by a member of the Saudi Arabian royal family, according to The Times.</p>
<p>The expansive home has long hosted royals, and past guests include <a href="http://www.british-history.ac.uk/report.aspx?compid=68416" target="_blank">members of the House of Commons and Prince Louis Napoleon Bonaparte</a>.</p>
<p>It has a grand double staircase, large ballroom, and high ceilings throughout. The sale brochure for the property says that its, "probably the finest residence in London," <a href="http://www.thetimes.co.uk/tto/life/property/article3746010.ece" target="_blank">as reported by Arabian Business</a>.</p>
<p>Last September, a <a href="http://www.businessinsider.com/london-mansion-on-sale-for-484-million-2012-9" target="_blank">$483.5 million home was put on the market</a> that overlooked London's Hyde Park and belonged to Sultan bin Abdulaziz. The price was lowered, however, when the building failed to attract a buyer, according to Arabian Business.</p>

A Historic London Mansion Just Hit The Market For An Insane $380 Million

<p class="p1"><div class="KonaFilter image-container display-table float_right"><div><div class="image"><p class="source"><span>Google Maps/Harrison Jacobs</span></p></div><p></p></div></div>Swiss Re, a global reinsurance company, has <a href="http://media.swissre.com/documents/Swiss_Re_Mind_the_risk.pdf">analyzed the disaster potential for 616 of the world's largest cities</a>. </p>
<p>Each city is based on their potential for earthquakes, storms, storm surges, tsunamis, and river floods. For each type of disaster, Swiss Re devised a extreme weather scenario in which defenses fail and the human and economic toll can be enormous. </p>
<p class="p1">Each city was ranked based on the effect each scenario would have on city residents, by combining population distribution data with vulnerability estimates for each disaster. It comprises fatalities, injuries, evacuations, those whose homes would be damaged or destroyed, and those who would be unable to access their workplace.</p>

The 10 Cities Most At Risk Of Being Hit By Natural Disasters

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>David McNew / Getty Images</span></p></div><p></p></div></div></p><ul><li><strong><a href="https://markets.businessinsider.com/stocks/pcg-stock">PG&amp;E</a> soared Tuesday after filing for bankruptcy protection. </strong><strong>The company is the largest power utility in the US.</strong></li><li><strong>PG&amp;E endured <a href="https://uk.reuters.com/article/uk-pg-e-us-bankruptcy/pge-owner-of-biggest-us-power-utility-files-for-bankruptcy-idUKKCN1PN0PZ">an estimated</a> $16.5 billion in losses from the unprecedented California Camp Fire last year.</strong></li><li><strong><a href="https://markets.businessinsider.com/stocks/pcg-stock">Watch PG&amp;E trade live</a>.</strong></li></ul><p><a href="https://markets.businessinsider.com/stocks/pcg-stock">PG&amp;E</a>, the largest power utility in the US, soared 17% Tuesday after filing for bankruptcy protection.</p><p>PG&amp;E is estimated to have lost $16.5 billion in total from last year's unprecedented Camp fire in California. Reinsurance company Munich Re pegged the fire as the world's most expensive natural disaster of 2018, <a href="https://uk.reuters.com/article/uk-pg-e-us-bankruptcy/pge-owner-of-biggest-us-power-utility-files-for-bankruptcy-idUKKCN1PN0PZ">Reuters reported</a>. </p><p><em><strong>Read more: </strong></em><em><a href="https://www.businessinsider.com/pge-biggest-climate-change-bankruptcy-as-utility-files-for-chapter-11-2019-1">Climate change just claimed its first bankruptcy - PG&amp;E succumbs to fallout from the world's most expensive natural disaster of 2018</a></em></p><p>"We believe the process is likely to be lengthy," UBS analyst Daniel Ford told clients in a note out Tuesday. "There are a wide range of outcomes from PG&amp;E being a solvent creditor with some equity value intact to little or no equity value." He maintained his $8 per share price target and "neutral" rating.  </p><p>Shares of PG&amp;E <a href="https://www.businessinsider.com/pge-tumbles-50-in-premarket-on-ceo-quitting-bankruptcy-concerns-2019-1">plunged</a> earlier this month after the company announced it planned to file for bankruptcy protection; the utility was accused of having been <a href="https://www.businessinsider.com/pge-tumbles-50-in-premarket-on-ceo-quitting-bankruptcy-concerns-2019-1">negligent</a> in the devastating Camp fire. Since the stock's 52-week high of $49.42 a share in early November, the stock has lost 71% of its market value.</p><p>The Camp Fire was the the deadliest and most destructive in California's history, killing 88 people, according to Reuters. The wildfire caused<span> insurers <a href="https://www.reuters.com/article/us-california-fire-claims/insurance-losses-for-california-wildfires-top-114-billion-idUSKCN1PM2CF">more than $11.4 billion in losses</a>, the</span> <span>California Insurance Commissioner said Monday.</span></p><p><strong>Now read: </strong></p><ul><li><strong><a href="https://markets.businessinsider.com/news/stocks/apple-stock-price-earnings-pros-weigh-in-2019-1-1027905964">Apple has taken a beating following its China warning. Here's what the pros are saying about the stock ahead of earnings.</a></strong></li><li><strong><a href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-china-warning-what-wall-street-says-2019-1-1027904820">'The other shoe has dropped': Here's what Wall Street is saying about Nvidia's warning</a></strong></li></ul><p><strong><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Markets Insider</span></p><p class="caption">PG&amp;E shares.</p></div><p></p></div></div></strong></p>     <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/roger-stone-donald-trump-richard-nixon-2017-2">Roger Stone explains what Trump has in common with Richard Nixon</a></h3>        <div>                    </div>    </div>

PG&E soars after filing for bankruptcy protection

<p><span style="line-height: 1.5em;"><div class="image-container float_right" style="width:480px"><div class="image"><p class="source">Google Earth</p></div></div>When you're raking in millions — or billions — of dollars each year, it's not an exaggeration to say that any home on the market is within your reach.</span></p>
<p>We're talking multi-acre estates in the Hamptons, triplexes in the wealthiest buildings in Manhattan, and massive dream <keyword id="41366" type="UNKNOWN" weightage="60" keywordseo="homes">homes</keyword> from coast to coast.</p>
<p><span>We found the 25 <keyword id="182415" type="UNKNOWN" weightage="60" keywordseo="most-expensive">most expensive</keyword> homes in the U.S. owned by the kings of <keyword id="25455" type="ORGANIZATION" weightage="60" keywordseo="finance">finance</keyword>. To estimate the approximate current value of the homes, we looked at recent sales and public assessors' records, and spoke to expert realtors and appraisers in these homes' markets.</span></p>

The Most Expensive Homes In Finance

<ul class="summary-list"><li>Climate change is burning a hole in Americans' wallets. </li><li>In 2021, 20 separate <keyword id="11917810" type="UNKNOWN" weightage="60" keywordseo="natural-disaster" source="Orion">natural disaster</keyword> events hit the US, totalling $145 billion in damages.</li></ul><p>The climate crisis means natural disasters happen more often and are more severe — and they're burning a hole in the America's wallets.</p><p>2021 marked the <a href="https://www.ncdc.noaa.gov/billions/time-series">third most costly</a> for natural disaster events in the more than 200 years the Oceanic and Atmospheric Administration (NOAA) has been tracking. The US was hit with 20 separate billion-dollar climate events, totalling $145 billion in damages. The US is <a href="https://www.pbs.org/newshour/science/think-2020s-disasters-are-wild-experts-predict-worse-in-the-future">expected</a> to experience even more natural disasters in the years to come, driving costs even higher. </p><p>"We can expect a significant jump in extreme weather over the next 20 or 30 years,"  Piers Forster, a climate scientist <a href="https://www.nytimes.com/2021/08/09/climate/climate-change-report-ipcc-un.html">told </a>the New York Times. "Things are unfortunately likely to get worse than they are today."</p><p>Impacts of the climate crisis will intensify, causing financial losses to trend upward, and homeowners, <keyword id="12948769" type="UNKNOWN" weightage="60" keywordseo="insurance-companies" source="Orion">insurance companies</keyword>, taxpayers and the government will all have to foot the bill. This means more homeowners falling behind on their mortgage as insurance doesn't always cover damage costs. The Biden administration has said <keyword id="12948770" type="UNKNOWN" weightage="60" keywordseo="government-aid" source="Orion">government aid</keyword> will be <a href="https://www.whitehouse.gov/briefing-room/presidential-actions/2021/01/27/executive-order-on-tackling-the-climate-crisis-at-home-and-abroad/">necessary</a> to ease costs on Americans as the climate crisis is likely to have a <a href="https://www.nationalgeographic.org/encyclopedia/climate-change/">lasting presence</a>. </p><p>Munich RE, a German multinational insurance company, <a href="https://www.munichre.com/en/company/media-relations/media-information-and-corporate-news/media-information/2022/natural-disaster-losses-2021.html">claims</a> the US accounted for an exceptionally high proportion of losses in 2021, of which some $85 billion were insured. It notes that both overall and insured losses were significantly higher than 2020 and 2019 when they came in at $100 billion and $52 billion, respectively.</p><p>"Each year across the world, natural catastrophes destroy assets running into multiple billions." The company said. "Often, only a tiny proportion of this damage is insured." </p><h2>Standard home insurance typically doesn't cover natural disasters</h2><p>Despite the threat of climate crisis, millions of American households remain uninsured. The Insurance Institute <a href="https://www.iii.org/article/spotlight-on-flood-insurance">claims</a> that in 2020, only 27% of all homeowning policyholders said they had flood insurance. This could be attributed to the fact that natural disasters are not typically covered under a standard home insurance policy, and specialty insurance puts additional pressure on finances.</p><p>For many low to moderate income households, supplemental coverage is <a href="https://www.rand.org/news/press/2020/06/03.html">out of the question</a> as it could mean the difference between having a warm meal or paying the mortgage. However, opting out often leads to even more costs as these households <a href="https://www.corelogic.com/wp-content/uploads/sites/4/2021/06/Hurricane-Report_V2WEB062921.pdf">typically struggle</a> to pay for both repairs and housing following a disaster. </p><p>This happened to the residents of Lake Charles, Louisiana, who were hit by both Hurricane Laura and Hurricane Delta in 2020. A study by CoreLogic, an analytics company, <a href="https://www.corelogic.com/wp-content/uploads/sites/4/2021/06/Hurricane-Report_V2WEB062921.pdf">found</a> that the market's mortgage delinquency rates increased as homeowners struggled to make repairs and slipped behind on their mortgage payments.</p><p>"For those who are homeowners, the result of a financial catastrophe results in mortgage delinquency rates increasing significantly as people, crippled by expenses and lost wages, fail to make monthly mortgage payments," CoreLogic said. "After Hurricane Laura made landfall in Lake Charles, the already-high delinquency rate shot up from 9.8% in August 5 2020 to 16.1% in September 2020, an increase of 6.3 percentage points."</p><h2>The government has to step in to help</h2><p>For uninsured homeowners there is still hope — <keyword id="12723054" type="UNKNOWN" weightage="60" keywordseo="fema" source="Orion">FEMA</keyword>'s assistance programs. </p><p>While FEMA can not duplicate insurance payments, the organization <a href="https://www.fema.gov/press-release/20210202/fema-may-be-able-help-if-insurance-doesnt-cover-some-disaster-expenses">aims to help</a> survivors of natural disasters whose expenses aren't fully covered by insurance or if an insurance settlement is delayed. </p><p>In 2021, the organization received additional funding from the Biden Administration's $3.46 billion <a href="https://www.fema.gov/press-release/20210805/biden-administration-commits-historic-346-billion-hazard-mitigation-funds">commitment</a> in hazard mitigation funds. FEMA also took the extra step of <a href="https://www.fema.gov/sites/default/files/documents/fema_updated-iappg-version-1.1.pdf">expanding</a> its services of underserved communities, to include individuals with low income and people of color, who they say "struggle more when recovering from disasters in comparison to communities with greater resources." The amendment applies to its Individual Assistance Program and Policy Guide and has created additional flexibilities that ensure access to assistance for all survivors. </p><p>"Climate change is our country's biggest crisis," FEMA Administrator Deanne Criswell said. "Our communities will continue to suffer from losses caused by extreme weather events unless we invest in mitigation efforts to reduce the impacts of climate change."</p><p>She added that new funding will allow the organization to provide direct aid to states, tribes, and territories to complete mitigation projects, build better infrastructure and create long term solutions.</p><p>Whether homeowners pay for repairs out-of-pocket, through insurance, or FEMA aid, it's clear the US is in the phase of paying to fix the results of climate crisis after failing to prevent it.</p><p><em>Are you a</em><em> homeowner whose home was damaged by a natural disaster? </em><em>Reach out to this reporter at </em><em><a href="mailto:alloyd@insider.com" target="_blank" rel="noopener noreferrer">alloyd@insider.com</a></em><em> to share your story.</em></p>

America spent $145 billion on damaged homes after 20 climate events in 2021 — it will only get more expensive

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>AP Photo/Robert F. Bukaty</span></p></div><p></p></div></div>Climate change is already resulting in a huge number of consequences globally, from rising <a href="http://www.businessinsider.com/sea-levels-rising-faster-2016-11">sea levels </a>to <a href="http://www.businessinsider.com/hot-weather-record-halloween-2016-10">record-breaking high temperatures. </a></p><p>It's also endangering some of the most popular and delicious foods on the planet. </p><p>With the hotter weather and more frequent natural disasters that come with<a href="http://www.businessinsider.com/hot-weather-record-halloween-2016-10"><span> </span>deviation from Earth's natural cycles, </a>foods from avocado to lobster are in trouble. </p><p>Here are seven foods and drinks that could grow more expensive and eventually disappear due to climate change. </p>

7 foods that could go extinct thanks to climate change

Riyadh, <keyword id="50996" type="LOCATION" weightage="20" keywordseo="Saudi-Arabia">Saudi Arabia</keyword> on Monday announced the extension of the suspension of <keyword id="9612485" type="UNKNOWN" weightage="20" keywordseo="international-commercial-flights">international commercial flights</keyword> for an <keyword id="9560297" type="UNKNOWN" weightage="20" keywordseo="additional-week">additional week</keyword>, according to <keyword id="3822408" type="COMPANY" weightage="20" keywordseo="the-interior-ministry">the Interior Ministry</keyword>.<br /><br />Besides flights, the Ministry also announced the suspension of land and sea entry to the Kingdom for the same period.<br /><br />On December, Saudi Arabia had first decided suspend international flights, except in exceptional cases, temporarily for a week, which could be extended for another week. <br /><br />The decision was parts of <keyword id="10506465" type="UNKNOWN" weightage="20" keywordseo="precautional-measures">precautional measures</keyword> against Covid-19 after the spread of a new strain of the virus in some countries.<br /><br />The decision excludes the movement of goods, commodities, and supply chains.<br /><br />Non-Saudis could leave the country through flights, according to the precautionary measures adopted by <keyword id="9195433" type="COMPANY" weightage="20" keywordseo="the-ministry-of-health">the Ministry of Health</keyword>.<br /><br /><br /><strong>SEE ALSO:<br /><a href="https://www.businessinsider.in/science/environment/news/top-10-most-expensive-natural-disasters-of-2020-in-the-world/slidelist/79986294.cms">Cyclone Amphan was the most expensive cyclone of 2020 and the fourth most expensive natural disaster overall</a><br /><a href="https://www.businessinsider.in/business/corporates/news/jack-ma-ant-group-asked-to-overhaul-its-business-model-by-china-central-bank/articleshow/79987683.cms">China's central bank wants Jack Ma's Ant Group to overhaul its business model</a><br /></strong><a href="https://www.businessinsider.in/science/space/news/indian-space-startup-skyroot-aerospace-successfully-test-fires-first-solid-rocket-propulsion-stage-demonstrator-called-kalam-5/articleshow/79988975.cms"><strong>India’s first-ever privately designed and developed rocket is a step closer to becoming a reality in 2021</strong></a><br />

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