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
| Feb 19, 2014
Obama Administration moves to boost fuel efficiency standards on heavy-duty vehicles
The Obama Administration wants to boost fuel efficiency of medium- and heavy-duty trucks for models made in 2019 and later.
| Feb 19, 2014
Net Positive Energy + Water is latest green certification standard
The advancement of sustainable construction has reached a new milestone with the development of Net Positive Energy+Water, a new green building certification standard that aims to improve net zero approaches to energy and water conservation.
| Feb 19, 2014
Obama’s climate resilience panel says PVs, cool roofs should be part of solution
Among the suggestions were rooftop solar energy systems and cool roofs, which could be encouraged by policies from local governments.
| Feb 19, 2014
OSHA proposes three-year postponement of crane operator certification requirement
OSHA’s proposal to postpone the compliance date for crane operator certification by three years was made official on Feb. 7 when it was published in the Federal Register.
| Feb 19, 2014
USGBC introduces new online educational platform
The U.S. Green Building Council has introduced “Education @USGBC” a new educational platform.
| Feb 17, 2014
Channeling weather forecasts to building systems can yield significant energy savings
Using weather forecasts to predict outdoor temperature changes can lead to significant energy savings, exceeding 10%, researchers say.
| Feb 17, 2014
Lawmakers may take away control of Florida hospital project from the VA
The project is $100 million over budget and has missed its scheduled completion date.
| Feb 17, 2014
Business, labor at odds over toughening of OSHA silica dust rule
OSHA says the rules will protect workers and prevent 700 fatalities annually. Others say the rules would hurt businesses and jobs.
| Feb 17, 2014
Tulsa, Okla., mulls code change to require storm shelters in new schools
State and city officials are pushing for increased bonding capacity to pay for the storm shelters.
| Feb 13, 2014
Appraisal Institute issues guidelines on evaluating green property
The Appraisal Institute and the Institute for Market Transformation have issued guidelines for training property appraisers to evaluate green buildings.