Climate-driven austerity isn't going to happen, because it's an intractable global-scale collective action problem.
If you believe that anthropogenic climate change is going to be a global disaster, you should probably reasonably assume that some country in the world is going to allocate serious resources to mitigating it.
There are 50 countries in the world with resources exceeding that of Portugal or New Zealand. Any of those countries could fund and implement a large-scale geoengineering project. No mechanism exists to ensure that any of those countries get permission to do so.
So it doesn't much matter whether we think it's a good idea. Either:
(1) Anthropogenic climate change isn't going to impose unacceptable costs on the industrialized world, and we'll just blow it off, or
(2) Some country is going to intervene directly in the climate.