This paper deals with the effect of (I) damage experience from extreme weather
events and (II) expectations concerning future climate change on subjective wellbeing
(SWB). We use data of a large representative survey amongst German
households. The effect of experienced weather events on SWB of the heads of the
households is only significant for heat waves; not for storms, heavy rain, and floods.
Concern about future climate change on the household level has a substantial
negative impact on current SWB. Moreover, we divide the impact of experience into
direct effects of damage and indirect effects, which affect current SWB via the
channel of expectations regarding future climate change. Both direct and indirect
effects of weather experiences are quantified. It becomes apparent that the indirect
effect is significant but small compared to the direct effect.
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