Proactive adaptation to climate change creates more benefits than reactive adaptation
The key findings of the KUITTI study are:
• Proactive adaptation enables larger benefits than reactive adaptation, as both the avoidance of losses and the exploitation of opportunities are more effective. The cumulated financial benefit can amount to 8 billion euros by the year 2070;
• Gradual changes in temperature and precipitation patterns have eventually much larger economic effects than occasional natural hazards, owing to the ability to recover quickly from extreme events, i.e., resilience in Finland is high;
• Climate tipping points aside, the physical impacts of climate change on the Finnish economy in terms of effects on GDP seem to remain limited, but not negligible;
• The availability and accessibility of physical and socioeconomic impact data should be improved and better coordinated to more effectively support adaptation.