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 | Feb 24, 2017
Scant data hampering energy, water efficiency at sports venues
New NIBS report says baseline information needs further development.
Codes and Standards | Feb 22, 2017
Plans for WELL Building Standard include linkage with other green building standards
The planned updated version will be customizable for any building type.
Codes and Standards | Feb 21, 2017
Aging building code inspectors and government belt-tightening could cause crisis
Inspectors are edging toward retirement with no understudies in place.
Codes and Standards | Feb 20, 2017
AISI publishes three new cold-formed steel framing research reports
Seismic simulation, roof trusses, steel-to-steel and sheathing-to-steel connections are examined in the reports.
Codes and Standards | Feb 17, 2017
New energy design guide for metal building systems now available
The second edition incorporates more recent IECC and ASHRAE standards.
Codes and Standards | Feb 14, 2017
Paper outlines how BREEAM credits can be used for WELL standard compliance
The paper provides guidance on how to streamline pursuit of dual certification.
Codes and Standards | Feb 14, 2017
Evidence mounts on health, productivity benefits of sustainable work spaces
High-performance green buildings are linked to better job performance.
Codes and Standards | Feb 13, 2017
Calif. commission approves ‘emergency’ balcony code changes
The changes apply to multifamily, hotels, state-owned buildings, and public schools.
Codes and Standards | Feb 9, 2017
Google-initiated program aims to get construction industry to use healthier building materials
Portico platform features a database of products ranked on how they disclose ingredients.
Codes and Standards | Feb 7, 2017
Newer structural standards mitigating earthquake impacts in Oklahoma
Buildings constructed in the last two decades are largely holding up to increased seismic activity.