A new report from the nonprofit research organization Universal Ecological Fund found that health issues tied to climate issues have cost the U.S. economy $240 billion a year over the past decade. Human-induced climate change costs more than the U.S. economy can afford, according to a recent report from the Universal Ecological Fund.

“The Economic Case for Climate Action in the United States” found that economic losses due to extreme weather have doubled in the past decade. 

Hurricanes Harvey, Irma and Maria caused an estimated $300 billion in damage. That is twice the $145 billion in losses caused by all hurricanes in the last decade, the report authors found. 

The number of extreme weather events costing $1 billion or more in damage is up 400 percent since the 1980s, the report maintains. Iowa’s $1 billion in losses from three floods in the past decade is up threefold from the 1990s, the report said. 

Without a slowing of climate change, annual losses in the U.S. will rise to $360 billion, the organization reported

“Transitioning to a low-carbon economy is essential for economic growth and is cheaper than the gigantic costs of inaction,” said Robert Watson, former chairman of the Intergovernmental Panel on Climate Change and co-author of the report.