A pertinent example of economic losses is the example of the Torres Strait in Australia. This example shows evidence of communities living on remote islands. Boigu is a low-lying mud island inundated by the sea during high tides and storm surges. Those most exposed and vulnerable to climate change have limited livelihood assets and face challenges to secure external support with government and others. Place-based values evoke a reluctance to relocate or retreat with economic losses such as community infrastructure, housing and cultural sites . In the Great Barrier Reef, Australia sea level rise and sea level global temperature warming affects fisheries' productivity and tourism . Unprecedented burn area of wild forest fires in Australia between September 2019 and January 2020  extended over almost 19 million hectares, destroyed over 3000 houses and killed 33 people .
IPCC
Climate Change 2022: Impacts, Adaptation and Vulnerability
IPCC Report