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If this variability increases by one degree Celsius, economic growth is reduced on average by 5 percentage-points."

"We find that familiarity with temperature variations is important: Economies in Canada or Russia, where average monthly temperature varies by more than 40°C within a year, seem better prepared to cope with daily temperature fluctuations than low-latitude regions such as parts of Latin America or Southeast Asia, where seasonal temperature differences can be as small as 3°C.

Furthermore, income protects against losses,

Comparing each year's day-to-day temperature variability between 1979 and 2018 with the corresponding regional economic data, the researchers analyzed a total of 29,000 individual observations.

"Rapid temperature variability is something completely different than long-term changes," explains Co-Author Anders Levermann from PIK and Columbia University, New York.

"The real problem caused by a changing climate are the unexpected impacts, because they are more difficult to adapt to. Farmers and other businesses around the world have started to adapt to climate change. But what if weather becomes simply more erratic and unpredictable? What we have shown is that erratic weather slows down the economy. Policy makers and industry need to take this into account when discussing the real cost of climate change."

Every year, 1.5 million young children die of preventable infectious diseases such as diarrhea because of poor sanitation, according to UNICEF. One out of every three humans on our planet -- some 2.2 billion people -- lack access to safe drinking water, and six out of 10 lack access to proper sanitation, meaning toilets or safely managed sewage systems. Residents of the Kibera slum in Nairobi, Kenya, can share one pit latrine with over 100 people. In Dharavi, Asia's largest urban slum located in Mumbai, India, 80% of its seven million residents have no running water, the National Observer has noted. What hope do they have of washing their hands frequently?

More than two million Americans live without running water, indoor plumbing or wastewater treatment, according to the nonprofits Dig Deep and the US Water Alliance. A report by Food & Water Watch found that, in 2016, 15 million Americans had their water shut off due to an inability to pay water bills -- one out of every 20 households across the country. The US neither provides a constitutional right to water nor recognizes the UN Human Right to Water and Sanitation.

The truth is that in every country, water infrastructure -- where it is present -- is deteriorating.

But investing in clean water infrastructure saves lives, and we must seize this moment to ramp up investment in safe water and sanitation. Spending on water is not just the right thing to do; it's also the smart thing to do.

According to the UN, every $1 invested in safe drinking water in urban areas yields more than $3 in saved medical costs and added productivity, on average. For every $1 invested in basic sanitation, society makes $2.50 back. The return is higher in rural areas, with $7 gained or saved for every $1 invested in clean drinking water.

Without clean water and proper sanitation, we will not be able to combat the spread of the new coronavirus. Like Covid-19, water scarcity is a global problem that needs collective action. Never has there been a more urgent time to address the world's water crisis.