During a House Ways & Means Committee hearing on Thursday, Rep. Mike Thompson (D-CA) spoke in support of H.R. 5863: Federal Disaster Tax Relief Act of 2023.
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The southern United States experienced 76 weather and climate disasters that cost at least $1 billion each from 2019 to 2023. These disasters included 12 tropical cyclones, 18 severe storms, 13 winter storms, 11 droughts, 10 floods, 8 wildfires and 4 freezes. The total cost of these disasters was estimated to be $413.6 billion, with an average cost of $5.4 billion per event and $82.7 billion per year.
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