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
Windows and Doors | Aug 28, 2015
Newly formed group challenges Florida building code
Window, door companies oppose provisions that raise costs
Codes and Standards | Aug 28, 2015
New Orleans becoming a model for climate resilience only 10 years after Katrina
The city has moved ahead with resilience strategies that may become a model for other communities
Codes and Standards | Aug 21, 2015
Illinois governor vetoes bill that would restrict condo owners’ rights
Bill would have made it harder to sue for building flaws
Codes and Standards | Aug 21, 2015
Post-Katrina roofing codes creating more resilient buildings on Gulf Coast
Ten years after storm, notable progress on stronger roofs, IBHS says
Smart Buildings | Aug 21, 2015
Federal Alliance for Safe Homes offers plan to strengthen codes for disaster resilience
Some states losing ground on resilience, group says
Codes and Standards | Aug 21, 2015
After disease outbreak, ASHRAE legionella standard adopted in New York
City Council acts after 12 die of legionellosis
Codes and Standards | Aug 13, 2015
Research indicates major earthquake looming for Pacific Northwest
Most structures built before seismic codes instituted; extreme damage predicted
Codes and Standards | Aug 13, 2015
New York City may allow affordable housing developers to ‘double dip’ in subsidies
New York City may allow affordable housing developers to ‘double dip’ in subsidies
Codes and Standards | Aug 13, 2015
L.A. considers controversial traffic calming measures
Goal is to encourage alternative transportation
Codes and Standards | Aug 13, 2015
Proposed facility smart grid standard open for public review
Goal is common way to describe, manage, communicate about electrical energy consumptions, forecasts