Serious air pollution can result in adverse health effects and economic costs. In this study, PM2.5 predictions, their related health effects, and the resulting economic costs for 2020 and 2021 were performed. A novel grey model optimized using optimization algorithms was established to predict PM2.5 concentration, and PM2.5-related health effects and economic costs were estimated using exposure–response functions, data regarding health effects, and environmental value assessment methods. The experimental results show that (1) PM2.5 values of Beijing, Tianjin, and Shijiazhuang are predicted to decline in 2020 and 2021, showing a trend of improving air quality; (2) the estimates of outpatient services and diseases account for largest proportion of the total health effects; (3) the economic costs of deaths and acute bronchial issues account for most of the overall costs, which can be regarded as a major means of reducing of health-related economic costs; (4) compared with Tianjin and Shijiazhuang, Beijing is expected to suffer the biggest economic cost, approximately 6505.84 million yuan, accounting for approximately 0.17% of the GDP in 2020, and 5554.94 million yuan, accounting for about 0.13% of the GDP in 2021, at the C0=10μg/m3 level, and is expected to suffer the lowest economic cost with approximately 0 yuan in 2020 and 2021 at the C0=35μg/m3 level. Overall, the findings provide a scientific basis for implementing air quality standards based on their expected health benefits and provide a reference for managing environmental air quality and implementing air quality health warnings and prevention measures.
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