The effects of global climate change from greenhouse gas emissions (GHGs) are diverse and potentially very large, and probably constitute the most serious long-term environmental issue currently facing the world. This paper is prepared as task 1 of the project 'Modelling support for Future Actions - Benefits and Cost of Climate Change Policies and Measures', ENV.C.2/2004/0088, led by K.U.Leuven, Katholieke Universiteit Leuven. The paper provides a rapid review and analysis of the impacts and economic costs from climate change. The objective is to provide estimates of the benefits of climate change policy, i.e. from avoided impacts, for support to the Commission in considering the benefits and costs of mitigation efforts, and to support DG Environment in its report to the Spring Council 2005 and in future international negotiations on climate change.