An in-depth analysis of findings from the American Farm Bureau Federation reports that farmers lost $20.3 billion in 2024 due to a range of weather-related events including drought, flooding and hurricanes across the U.S.
In a Market Intel update issued in February by American Farm Bureau Federation Economist Daniel Munch, “Hurricanes, Heat and Hardship: Counting 2024’s Crop Losses,” Munch includes data and analysis from AFBF and the National Oceanic and Atmospheric Administration (NOAA).
In sharing the total crop loss estimates across major weather events for 2024, he notes that AFBF has calculated crop and rangeland damage estimates since 2021 in order to provide a window into the impacts of natural disasters on domestic food production. In his overview, Munch says the updated 2024 crop and rangeland damage estimates highlight the devastating impact of natural disasters on U.S. farm production, and reported the following:
- Total losses to crops and rangeland (including apiculture) from major 2024 weather and fire events exceeded $20.3 billion, accounting for 11.1% of NOAA’s total economic impact from disasters.
- Of this total, $10.9 billion in losses were covered by Risk Management Agency (RMA) programs as of February 2024, while approximately $9.4 billion remained uninsured, fell outside policy coverage limits, or did not qualify under existing risk management programs.
“In 2024, 27 weather disasters, each with damages exceeding $1 billion, struck the U.S. coast-to-coast,” the author says. “The National Oceanic and Atmospheric Administration (NOAA) reported that 2024 ranked fourth in terms of the total inflation-adjusted economic impact of these events, with industries across the economy experiencing an estimated $182.7 billion hit (compared to $92.9 billion in 2023). With nearly 570 lives lost, these disasters will haunt impacted communities for years to come.”
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