| Summary: | Extreme weather, climate-induced events that are episodic (e.g., hurricane, heatwave) or chronic (e.g., sea-level rise, temperature change) in nature, is occurring with increasing frequency and severity. This places a growing and time-sensitive need on the development and implementation of adaptation policies and practices. To motivate adaptive behavior, however, requires the ability to deliver improved risk-informed decision-making capability. At the crux of this challenge is the provision of full and accurate loss and damage accounting of the overall impact of an extreme weather event, enabling the business case to be made for adaptation investment. We define loss and damage as the manifestation of impacts associated with extreme weather that negatively affect human and natural systems. Progress in the development of adequate loss and damage accounting has been hampered by issues, such as discrepancies in conceptual frameworks, problems associated with data quantity and quality, and lack of standardized analysis methodologies. In this paper, we have discussed the conceptual basis for measuring loss and damage, reviewed the state of loss and damage data collection and modeling, and offered a narrative on the future direction of the practice.
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