In the NewsMSNBCSeptember 3, 2019

The economic impact of Hurricane Dorian

Ali Velshi talks about the storm’s potential cost and what can be done to reduce the cost of future storms with Solomon Hsiang, an associate professor at the University of California Berkeley who studies the economic impact of climate change and co-director of the Lab. Sol explains why insured damages of a hurricane may not be the most effective way to measure the economic losses associated with a storm. "All of our research on the topic suggests that a huge amount of the costs from these storms actually manifests years down the road,” Sol said, noting hurricanes impact the way businesses are run in the future as people spend money rebuilding and can’t invest in new machinery or equipment. Sol also talked about the importance of mitigation. "Spending a little bit upfront to reduce the risks of some sort of bad outcome can pay out tremendously in the future, not just in terms of dollars but also people’s lives,” Sol said.