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Floods

One possible solution is to reforest land. Trees help keep soil stable, and the roots soak up the water. We shall also work towards building safer and stronger structures in order to prevent potential damages that may be caused by floods

Droughts

Some possible solutions are converting to renewable and eco-friendly energy, as well as to start planting more trees to combat deforestation worldwide.

in the future, we should continue to work towards this in order to achieve our goal of establishing a more stable and fundamental economy

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Increased severity, frequency, and duration of floods

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Increased severity, frequency, and duration of floods

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With the ongoing climate change crisis, the weather will continue to grow more unstable, resulting in an increase in hurricanes and extended dry seasons. This means that the frequency, as well as the duration of floods, will increase, and ultimately continue to cause more catastrophes and also create more economic dilemmas.

Over the past 50 years, climate and weather-related disasters surged over 400% according to the World Meteorological Organization

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Limiting the growing season, higher food prices

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Limiting the growing season, higher food prices

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If the series of droughts and floods continue, it could potentially cost the global economy upon billion of dollars due to property damage and industries going bankrupt. According to fortune.com, it is estimated that floods and droughts could cause the global economy 5.6 trillion USD.  This could also limit the growing season, meaning withering crops, and ultimately resulting in food shortages and inflation in food prices.

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Human activity is the root of the phenomenon of flooding. Though also cause by rough weather, ice caps melting are a clear example of global warming, and when the ice caps melt, the sea levels will rise. This could have a potential effect on coastal communities and cities. If the rising sea levels do end up impacting coastal communities, then that will lead to a large economic decline as well as industries going out of business due to there being no place to work.

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We interviewed Dr. Heidi Kreibich to find out more.

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In this documentary, we will explore and investigate how droughts and floods may potentially impact the global economy, leading to financial depression and interfering with the United Nations goal to establish a more sustainable economy and have decent work for all people.

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So how can climate change impact our progress in achieving this goal?

Property damage that is caused by floods and hurricanes has a major impact on economic development, as the price to repair the damage caused by these disasters adds up to a large sum of money, resulting in economic loss.

According to CTVNews, flooding alone is to expect the Canadian Economy to over 40 billion dollars leading up to 2050, while storms cost over 34 billion in property damages, and an additional 14 billion also comes from droughts.

Droughts also have a major impact on economic development. Dry seasons result in the withering of crops as they receive no water, resulting in farm-dependent businesses having their income gradually decline and their growth stunted due to the food production, agriculture, and livestock damaged by droughts.

This is a dilemma that is being faced worldwide. According to worldbank.org, worldwide droughts could cost some nations up to 6% of their GDP and could even cause further conflict within national relations, leading to further negative impacts on the global economy.

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SDG 8 is one of the 17 Sustainable Development Goals established by the United Nations in 2015. SDG 8 is focused on promoting a more sustainable and inclusive economy, granting decent work to all people, and
to decrease the percentage of unemployment globally.

By 2030, The United Nations hopes to achieve fully operating and productive employment for all men and women, as well as get rid of all forms of slavery, forced labor, and human trafficking. In order to achieve this goal we must promote entrepreneurship and creativity to inspire businesses and young creators all over the globe.

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Although some droughts can occur naturally, the risk of droughts is increasing due to human activities. Droughts are caused when the region doesn't receive water for a period of time. Some droughts are caused when farmers irrigate crops, which removes water from lakes and rivers. Building and maintaining dams can cause droughts as well because dams can reduce water flowing downstream. Finally, deforestation can cause floods since, when we cut down too many trees, the amount of water that is retained on the ground is greatly reduced and the rain will cause severe erosion and landslides, which will inundate low-lying terrain where communities and farms are located.