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 | Oct 19, 2018
Global Green Tag production certification standard will launch in U.S. at end of year
Australian program recognized by WELL, claims compliance with LE.
Codes and Standards | Oct 18, 2018
Federally-backed rebuilding of public buildings often leaves them vulnerable to future storms
FEMA dollars pay for reconstruction, but local decision-makers ignore climate change impacts.
Codes and Standards | Oct 17, 2018
Philadelphia plumbing code will now allow for more use of plastic pipes in high rises
Of the 50 largest U.S. cities, Philadelphia is one of just six that still require metal pipes.
Codes and Standards | Oct 16, 2018
New Disaster Recovery Reform Act will support adoption of updated building codes
Provides incentives for communities to modernize and enforce codes.
Codes and Standards | Oct 12, 2018
Boston ‘housing emergency’ prompts regional initiative for new residential construction
Mayors of 15 cities set goal of 185,000 new homes by 2030.
Codes and Standards | Oct 11, 2018
On-site staff key to energy benchmarking project for property management company
Manager training, data sharing are critical to meeting 20% utility cost reduction goal.
Codes and Standards | Oct 10, 2018
Interactive heat maps track temperature ranges in U.S. cities
Urban heat island effect can vary by as much as 37°F in the same city.
Codes and Standards | Oct 9, 2018
Power systems will become more decentralized for better disaster resiliency
Businesses, homeowners will control more power-generation capacity.
Codes and Standards | Oct 5, 2018
Getting commitments from key subs critical on government contracts
Withdrawn subcontractor bids can be costly.
Codes and Standards | Oct 4, 2018
Internal watchdog says EPA falling short to protect school children from asbestos
Agency not conducting enough inspections, report says.
