Flooding costs US economy hundreds of billions annually

Flooding costs US economy hundreds of billions annually

Increasingly severe flooding is costing the U.S. economy between $179.8 and $496 billion each year, according to new data from the Senate Joint Economic Committee.

Andrew Freedman reports for Axios.


In short:

  • Annual flood damages are estimated to cost between $179.8 billion and $496 billion, more than 1% of the 2023 GDP.
  • Lawmakers are addressing increased flood risks from climate change, which causes more frequent and intense precipitation and rising sea levels.
  • Significant infrastructure upgrades, estimated at $70 billion to $345 billion, are necessary for flood protection.

Key quote:

"We find around $100 billion in annualized damages to properties due to flood risk. Then when you add on infrastructure damage, costs of repair, lost wages/etc., the total damages to the economy from flooding easily move into the hundreds of billions of dollars."

— Jeremy Porter, head of climate implications at First Street Foundation

Why this matters:

Beyond the immediate financial impact, severe flooding poses significant health risks. Contaminated water supplies, mold growth in homes, and the displacement of communities contribute to a myriad of health problems. Vulnerable populations, including the elderly and those with preexisting health conditions, are especially at risk during and after flood events.

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