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Lake ice is an important socio-economic resource that is threatened by climate change. The cover and duration of lake ice are expected to decline as air temperatures warm in the coming decades, disrupting a previously reliable source of income for many activities dependent on lake ice. The economic consequences of climate-induced lake ice loss remain unexplored, creating a significant research gap. The purpose of this study was to quantify the monetary spending associated with lake ice and how climate change may impact that value. Using a series of General Circulation Models (GCMs), greenhouse gas emissions scenarios, and models for lake ice cover, we predicted changes in lake ice by the end of the 21st century for the Northern Hemisphere. We also synthesized examples of spending associated with lake ice activities and discussed the potential implications expected with declining ice cover. We found that lake ice will decrease in area by 44,000-177,000 km2 and shorten in duration by 13-43 days by 2100. Using 31 examples of revenue from lake ice, we found that lake ice generates spending of over USD 2.04 billion to local communities and economies. We also found that countries predicted to experience the greatest ice loss by the end of the century are those that currently have the largest GDP, highest greenhouse gas emissions, and are most dependent on freshwater withdrawal. Our findings confirm predicted losses in lake ice that are expected because of climate change and quantify some of the potential consequences for local communities. Here we highlight lake ice as another casualty of human-caused climate change that will have profound socio-economic implications.