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 | Mar 7, 2018
Dept. of Energy says 2016 ANSI/ASHRAE/IES Standard 90.1 would save 8.2% of energy costs
Favorable comparison to 2013 standard for commercial buildings.
Codes and Standards | Mar 6, 2018
Well Living Lab launches extensive study on how indoor environments affect people’s lives
Factors that impact health, performance, stress and resiliency, sleep, and comfort to be scrutinized.
Codes and Standards | Mar 5, 2018
New guide helps planners assess innovation districts
The document is designed to aid in targeting resources toward innovative and inclusive economic development based on an area’s unique strengths and challenges.
Codes and Standards | Mar 1, 2018
Net zero commercial building trend shows strong momentum
Almost 50% more zero energy commercial buildings under construction in 2017.
Codes and Standards | Feb 28, 2018
AEC industry reported high levels of fraud, cyber breaches, and security incidents in 2017
83% experienced at least one fraud incident.
Codes and Standards | Feb 27, 2018
Smart surface solutions can improve disaster resilience, health and comfort in cities
Stormwater management, water quality, and heat island effect could all be impacted.
Codes and Standards | Feb 26, 2018
Bolstering energy efficiency would produce significant health benefits, ACEEE study says
Reducing energy consumption by 15% would save six lives a day.
Codes and Standards | Feb 22, 2018
GBCI will certify underwriting standard for energy efficiency projects
Investor Ready Energy Efficiency (IREE) certification aims to boost confidence in predicted energy and financial savings.
Codes and Standards | Feb 21, 2018
FEMA document provides simplified seismic design provisions for low-hazard regions
Forty four states have areas defined as low-hazard.
Codes and Standards | Feb 20, 2018
Federal budget includes disaster mitigation provisions
Bipartisan bill encourages states to adopt latest building codes.