"The cost of climate change impacts runs twice as high as previously estimated, according to revised data from a key economic model used by federal agencies.

The preliminary analysis suggests that the number used by federal agencies to help justify emissions reductions is too low - making the cuts appear disproportionately expensive under the cost-benefit analysis required of federal rules.

The revised numbers, say scientists and economists familiar with the research, are a sign that climate impacts likely will be more expensive than previous assumptions. Models used to generate current cost impacts contain gaps and, in some cases, outdated assumptions. As those models are refined and updated, they show greater economic harm as global temperatures rise in response to greenhouse gas emissions."

Douglas Fischer and Nicole Heller report for The Daily Climate and Climate Central Januar 27, 2011.
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SEE ALSO:

"What's the Cost of Climate Change? Pick a Number" (Daily Climate/Climate Central) [3]

"A Matter of Scale" (Daily Climate/Climate Central) [4]