Climate change caused $75 billion of flood damage in the past three decades, nearly one-third of all damage caused by flooding, according to a new study published in the Proceedings of the National Academy of Sciences. Warmer air holds more moisture, producing more frequent and intense rainfall. “The more global warming we get, the more we can expect these damages to increase – and reductions (in emissions) will have value in terms of avoided costs,” Stanford climate scientist Noah Diffenbaugh, co-author of the study, told Reuters. (Bloomberg $, ReutersCNBCCBS; Climate Signals background: Climate Change & Flooding)