Climate change-induced higher sea levels combined with storm surge will likely increase the average annual cost of coastal storms along the Eastern Seaboard and the Gulf of Mexico by $2 billion to $3.5 billion, according to a new report by the Risky Business Project.
When hurricanes are factored in, that tab will rise to $7.3 billion, the report says. Coastal property and infrastructure will bear the brunt of the damage. This will bring annual price tag for hurricanes and other coastal storms to $35 billion.
If nations around the world continue to pump current levels of greenhouse gas into the atmosphere, by 2050 between $66 billion and $106 billion worth of existing coastal property will likely be below sea level nationwide. Some $238 billion to $507 billion worth of property would be below sea level by 2100.
Property losses from sea level rise are concentrated in the Southeast and Atlantic coasts, where the rise is higher and the losses are projected to be far greater than the national average.
Related Stories
Codes and Standards | Jan 4, 2019
LEED v4.1 beta registration begins in January
First releases are O+M, BD+C, and ID+C.
Codes and Standards | Jan 3, 2019
U.S. Appeals Court says general contractors can be cited for subcontractor violations
Ruling will prompt review of OSH decision that said GCs cannot be held liable for subs’ violations.
Codes and Standards | Jan 3, 2019
Tall mass timber code changes receive final approval
New provisions to be included in the 2021 International Building Code.
Codes and Standards | Jan 2, 2019
ASHRAE’s Low-Rise Residential Buildings standard update now available
Performance measures are at least 50% more efficient than 2006 IECC.
Codes and Standards | Jan 2, 2019
Study compares labor hours for various low-slope roofing options
Type of roof covering, project parameters, tool management, and crew efficiency all impact profitability.
Codes and Standards | Dec 20, 2018
New York’s ‘Scaffold Law’ under fire for driving up project costs
Lawmakers under pressure to reform law that makes contractors 100% liable for work-site injuries.
Codes and Standards | Dec 19, 2018
Guidance for water utilities on indoor recycled water use released
Provides recommended ranges on 13 different parameters of water quality.
Codes and Standards | Dec 18, 2018
Development in Africa, Asia, and uptake in air conditioning will require more efficient buildings
Dramatic action will be needed for global building sector to cut carbon in line with international agreements.
Codes and Standards | Dec 14, 2018
Emissions for buildings and construction have peaked, UN says
Greener buildings have led to leveling off of GHGs.
Codes and Standards | Dec 13, 2018
Urban flooding causing economic loss, social disruption, and housing inequality
Extensive suburban development, aging and poorly maintained infrastructure, and more intense rainfall mean more flooding.
