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 2, 2017
Nationwide retrofit strategy in Canada could cut 51% of emissions from large buildings
The roadmap provides government and industry with a targeted plan.
Codes and Standards | Sep 28, 2017
Resources available for new OSHA respirable crystalline silica regulation
NRCA offers compliance tools for contractors.
Codes and Standards | Sep 28, 2017
New tool compares HVAC system efficiency
IAPMO and Hydronics Industry Alliance unveil BEST to evaluate systems in early design phase.
Codes and Standards | Sep 26, 2017
Anti-drone technology can ward off unauthorized drone flights
The technology can be used to prevent terrorist attacks and spying.
Codes and Standards | Sep 25, 2017
How-to guide to renovating shopping centers available
E.U. research project focuses on energy efficiency and occupant comfort.
Codes and Standards | Sep 21, 2017
After construction crane collapses during Irma, regulations questioned
Cranes rated for 140 mph winds didn’t hold up to 100 mph gusts.
Codes and Standards | Sep 20, 2017
Energy efficiency measures pay off in some not-so-obvious ways
Access to better financing, tax incentives, rent premiums, among the benefits to greener buildings.
Codes and Standards | Sep 19, 2017
Benchmarking regulations prompt jump in green certified properties
2016 saw a slight rise in total certified U.S. green office space.
Codes and Standards | Sep 18, 2017
Changes likely to come to federal wetlands regulations
However, states may step up regulations as feds relax them.
Codes and Standards | Sep 14, 2017
Gentrification means a new mindset for city planners
Rising rents elicit reexamination of zoning principles.