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
| Apr 30, 2014
Mexico City spending big on green roofs to fight air pollution
Although green roofs have been widely adopted in urban areas to reduce the heat island effect and stormwater runoff, Mexico City is hoping that vegetative rooftops can also reduce the city’s air pollution.
| Apr 23, 2014
California bill would make employers responsible for subcontractors' wages, workers' comp
Under the recently revised Assembly Bill 1897, employers would have to pay wages, taxes, and workers compensation on behalf of a subcontractor’s workers if the subcontractor reneges on that responsibility.
| Apr 23, 2014
Obama’s 2015 budget includes $1.7 billion to GSA for building construction, renovations
The Obama Administration has proposed $1.7 billion for construction, renovation, and repairs to federal buildings in fiscal year 2015 under the auspices of the U.S. General Services Administration.
| Apr 18, 2014
Massachusetts Supreme Court clarifies building code liability issue on mixed-use projects
The Massachusetts Supreme Judicial Court recently ruled that distinct portions of a mixed-used building may be treated as distinct and different structures under the state building code.
| Apr 18, 2014
First international buildings among 700-plus certified by BOMA 360 Performance Program
In the first quarter of 2014, the Building Owners and Managers Association (BOMA) International certified 66 properties in the BOMA 360 Performance Program for commercial real estate markets across the U.S and, for the first time, abroad.
| Apr 16, 2014
OSHA proposes $2.3 million in fines against Olivet Management for exposing workers to asbestos and lead
Olivet Management LLC, a real estate development and management company, faces $2.3 million in proposed fines from the Occupational Safety and Health Administration.
| Apr 10, 2014
Green Building Certification Institute partners with Well Building Institute on standard
The Green Building Certification Institute (GBCI), which administers third-party certification for the LEED standard, and the Well Building Institute will collaborate to promote the WELL Building Standard.
| Apr 10, 2014
OSHA’s construction safety advisory committee invites input on construction regulations
The Occupational Safety and Health Administration will hold a meeting of the Advisory Committee on Construction Safety and Health May 7-8, 2014, in Washington, D.C.
| Apr 10, 2014
ASTM’s International Standards in Building Codes now available in DVD and online
The compilation ASTM Standards in Building Codes contains more than 1,300 ASTM construction specifications, practices and test methods, and is now available in DVD and online.
| Apr 10, 2014
New California energy code requires building systems to be ready for demand response energy management
Starting in June, California’s latest version of its Title 24 building code kicks in, requiring several systems come with demand response capability.
