Location: Florida, USA
Date: October 11, 2024
Hurricane Milton has caused extensive damage along Florida's east coast, resulting in at least 16 fatalities and widespread power outages. The storm has triggered a significant decline in catastrophe bonds issued by the U.S. National Flood Insurance Program (NFIP), with values dropping between 13% and 59%. The full financial implications of the hurricane on these bonds are yet to be determined, as it may take weeks or months to assess potential payouts.
Location: European Parliament, Brussels
Date: October 11, 2024
In a debate in the European Parliament, discussions focused on the severe forest fires in Brazil and their global climate implications. Europarliamentarian Anna Cavazzini emphasized the need for the EU to take responsibility for its agricultural practices that contribute to deforestation. The upcoming COP16 climate summit in Colombia is seen as a critical moment for international climate policy. Cavazzini criticized the European Commission's proposal to delay anti-deforestation regulations, arguing that it undermines efforts to combat climate change. Meanwhile, forest fires are also escalating in Bolivia and Peru, raising concerns about regional environmental stability.