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 | Nov 19, 2021
Creating net-zero/net-positive buildings is top priority in Green Building Trends 2021 report
Findings also demonstrate compelling business case for building green.
Codes and Standards | Nov 19, 2021
Construction Startup Competition 2021 awards highlight tech innovations
AI-powered software to identify and explain critical issues in construction contracts takes top prize.
Codes and Standards | Nov 18, 2021
Infrastructure bill contains $5 billion for energy efficiency in buildings
Wide range of programs to reduce energy use, improve materials, train workers.
Codes and Standards | Nov 17, 2021
Skanska will provide embodied carbon assessments on all new projects over 53,000 sf
Will use the Embodied Carbon in Construction Calculator it helped create.
Codes and Standards | Nov 16, 2021
NOAA, Univ. of Maryland, and ASCE partner on climate-smart engineering codes, standards
Efforts will account for climate change in future infrastructure design and construction.
Codes and Standards | Nov 15, 2021
Intl. Code Council and Modular Building Institute release new off-site construction standards
‘Will create consistency for off-site construction; accelerate the industry’.
Codes and Standards | Nov 12, 2021
GSA will likely shrink federal office space post-COVID
Agency also needs to address maintenance backlog.
Codes and Standards | Nov 10, 2021
Los Angeles launches fast-track office tenant improvements program
Red tape to be cut to make interiors healthier and safer.
Codes and Standards | Nov 9, 2021
Florida state building professionals call for mandatory high-rise building inspections
Group recommendation comes in wake of Surfside condo collapse.
Codes and Standards | Nov 8, 2021
Dept. of Energy to fund 10 pilot smart building projects
Connected communities will accelerate renewable energy adoption and grid resilience.