Farm Bureau Analysis: 2022 Crop Losses Top $21 Billion
The American Farm Bureau Federation estimates 2022 crop losses due to weather and climate change at more than $21.4 billion. The AFBF Market Intel analysis shows in 2022, 18 weather and climate disasters, each with damages exceeding $1 billion struck the United States. As we told you Wednesday, the National Oceanic and Atmospheric Administration reported that 2022 surpassed 2021 as the third-costliest disaster year event in history, with an estimated $165 billion in total economic losses.
In 2022, Texas suffered the most significant hit, with over $6.4 billion in incurred losses primarily made up of $2.9 billion in damages to cotton. More than half of the agricultural losses were effectively protected under existing risk management programs with the remainder highlighting the importance of inclusive protections for growers of all crops in all regions of the nation. AFBF crop loss estimates do not include infrastructure damage, livestock losses, horticulture crop losses or timber losses associated with the selected weather events.
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