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 | May 1, 2015
Department of Energy asks for feedback on cost-effectiveness of building energy codes
DOE’s RFI wants input on how to improve methodology on cost assessment.
Codes and Standards | Apr 22, 2015
New York State renews design-build authority
Five state agencies are allowed to use design-build on certain projects.
Codes and Standards | Apr 22, 2015
OSHA’s estimated cost of silica rule said to underestimate impact by $4.5 billion annually
The coalition says that OSHA’s flawed cost estimates point to flaws in the rule, and has urged the federal agency to reconsider its approach.
Codes and Standards | Apr 22, 2015
2016 Seismic Provisions for Structural Steel Buildings draft available for public review
The comment period is open until May 29.
Codes and Standards | Apr 22, 2015
GBCI renamed Green Business Certification Inc.
The name change reflects the organization’s expanded certification and credentialing services.
Multifamily Housing | Apr 16, 2015
Seattle’s size restriction on micro apartments blamed for rise in rents
Seattle’s city planner recently said that the council’s new rules have made small apartments more expensive to build and charged the board with “overreaching” and not giving micro-housing “a fair shake.”
Green | Apr 16, 2015
New version of Building Energy Data Exchange Specification launched
BEDES is a dictionary that facilitates consistent exchange of building characteristics and energy use data between tools and databases in the building energy efficiency sector.
Codes and Standards | Apr 16, 2015
New York tops U.S. cities in walkability
Revitalization pushes Detroit and New Orleans up the rankings
Green | Apr 14, 2015
USGBC will recognize energy and water standards for the Living Building Challenge
This move means that projects achieving the energy and water requirements in Living Building Challenge will be considered as technically equivalent to LEED.
Codes and Standards | Apr 14, 2015
New York City preparing new codes for evacuation elevators
New York City’s Fire, Buildings, and City Planning Departments in New York are writing rules to govern occupant-evacuation elevators, reflecting a change in philosophy of how to evacuate people from skyscrapers in an emergency.