Texas farms are expected to lose an estimated $627.3 million each year because of natural hazards such as droughts, floods and severe weather, according to a new analysis released by Trace One.
The report, “Where Natural Disasters Are Having the Biggest Impact on the Nation’s Food Supply,” found Texas ranks second in the nation behind California for total agricultural losses tied to natural disasters. Researchers identified drought as the biggest threat to Texas agriculture.
According to the report, Texas farms face an average annual loss of $2,739 per farm, with total agricultural losses representing about 2.1% of the state’s agricultural value.
Researchers estimated Texas has approximately 229,000 farms generating nearly $33.8 billion in agricultural value.
Nationwide, FEMA estimates natural hazards cause roughly $5.1 billion in agricultural losses each year, with drought accounting for more than half of those damages.
The report cited recent flooding in Arkansas and severe freezes in Florida as examples of climate-related disasters affecting the nation’s food supply and contributing to higher food prices.
Trace One, a company specializing in product lifecycle management and regulatory compliance software, conducted the analysis using data from FEMA’s National Risk Index and the U.S. Department of Agriculture Census of Agriculture.
Researchers examined expected annual losses caused by droughts, hurricanes, floods, hail, wildfires and other natural hazards.
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