Impacts of climate change on economies and migration

Climate change is causing significant economic impacts and potentially influencing migration patterns. The extreme weather events caused by climate change, such as wildfires in Canada and droughts in Panama, have severe economic consequences, including increased CO2 emissions and disrupted transportation through the Panama Canal. Additionally, the rising costs of insuring properties in areas prone to hurricanes and floods, like Florida, may lead to people, particularly the wealthy, reconsidering living in these high-risk areas and potentially leading to movement and relocation to more climate-resilient locations.