For a long time, climate and environmental risks were treated as externalities, separate from central state budgetary decisions. This approach is now outdated and financially dangerous, as evidenced by the estimated 5 billion euro cost of the storms in early 2026. The article argues that failing to integrate these risks into public spending, infrastructure planning, and national budgets constitutes financial mismanagement. It highlights the UK Parliament's Environmental Audit Committee inquiry into the Treasury's role in climate policy as a model, and discusses how 'green budgeting' and 'green budget tagging' in Portugal are essential steps toward aligning public policy with climate resilience and long-term fiscal stability.