2022 The Third-Costliest Disaster Year in History
2022 will go into the books as the third-costliest year for weather disasters in U.S. history. The estimated total economic losses reached $165 billion. New analysis by American Farm Bureau economists shows extreme weather caused more than $21 billion in crop losses.
AFBF said the impact on American farms and ranches demonstrates the importance of farm bill programs to help rural communities recover from weather-related disasters. The AFBF Market Intel Report says more than $11 billion in losses were covered by existing Risk Management Agency programs as of February 2022. Over $10 billion in losses were not insured through RMA, existed outside of policy coverage levels, or didn’t qualify under an existing risk management program.
Click Here for details from the Farm Bureau.
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