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Table 2 Financial losses associated with the two costliest droughts (in CPI-adjusted 2017 NZ$) that occurred in New Zealand during the period 2007–2017, along with estimated FAR of these events. Estimates of economic costs for each event are in the column second from right, and are based on economic computable general equilibrium modelling done by the New Zealand government, and the right-most column shows the economic losses attributable to climate change, i.e. the economic loss estimate multiplied by the FAR of the event. Note that the quantities are different from those used in estimating the costs associated with floods (insured losses). In this case, for droughts, the losses represent a more comprehensive assessment of impact on the economy. Along with those for floods (Table 1), these cost estimates are also uncertain. See text for discussion

From: Climate change attribution and the economic costs of extreme weather events: a study on damages from extreme rainfall and drought

Year Date Event Climate Change FAR Total cost ($m) best estimate Cost ($m) attributable to climate change
2007/08 Summer Drought 0.15 (0.05–0.4) 3237 485
2012/13 Summer Drought 0.20 (0.15–0.4) 1575 315
Total attributable drought losses $800