first street foundation
Credit: Kelly Sikkema/Unsplash
Flooding poses growing economic threat with annual costs reaching hundreds of billions
Flooding, increasingly severe due to extreme weather, is costing the U.S. economy between $179.8 and $496 billion annually, according to new Senate Joint Economic Committee data.
In short:
- The annual cost of flooding is now more than 1% of the U.S. GDP, stressing the insurance industry and homeowners.
- Infrastructure upgrades needed for flood protection range from $70 billion to $345 billion.
- Rising sea levels and frequent heavy precipitation are driving increased flood risks linked to human-caused climate change.
Key quote:
“We find around $100 billion in annualized damages to properties due to flood risk.”
— Jeremy Porter, head of climate implications for the research group First Street Foundation
Why this matters:
As climate change intensifies, the economic burden from flooding is expected to grow, affecting businesses, homeowners, and the insurance industry. For families, this means increased insurance premiums and, in many cases, the heart-wrenching decision to relocate. For health professionals, the aftermath of flooding brings a surge in waterborne illnesses and mental health crises. For scientists and regulators, the data is a clarion call to double down on climate resilience strategies, investing in better flood defenses, sustainable urban planning, and robust early warning systems.
Keep reading...Show less
Air quality in the US set to worsen, affecting millions by 2054
A new report predicts a 50% increase in Americans exposed to unhealthy air by 2054, intensifying public health concerns.
In short:
- The First Street Foundation report reveals that one in four Americans currently face unhealthy air quality, a figure expected to rise significantly.
- Climate-induced wildfires and heatwaves are negating progress made by federal clean air regulations.
- Exposure to PM2.5 particles, linked to serious health issues, is increasing with no safe level of exposure identified.
Key quote:
"If we’re going to start thinking about solutions, we have to start combating the origin of the air pollutants, which are wildfires and extreme heat."
— Jeremy Porter, head of climate implications research at First Street Foundation
Why this matters:
This escalating air pollution crisis directly impacts public health, particularly in vulnerable communities. Exposure to air pollution over long periods of time is linked to premature deaths via heart disease and COPD; while short term exposure is linked to reduced lung function, increased hospital visits due to breathing problems and restricted blood flow to the heart.
Keep reading...Show less
Newsletter
Extreme floods are happening way more often than federal data would suggest, analysis shows
A critical federal analysis of extreme rainfall is vastly underestimating the chances of flood events, with grave implications for everything from new roads and bridges to the rising cost of flood insurance, according to a new analysis.
'Do you really want to rebuild at 80?' Rethinking where to retire
It’s a small yet noticeable shift, experts say — but climate change is causing retirees to start reconsidering moves to disaster-prone dream locales.
Photo by Visual Stories || Micheile on Unsplash
Biden looks at climate change risks to financial markets
In a season of daunting wildfires and flooding, the Biden administration is taking an initial step to assess how climate change could harm financial markets.
Climate change increases flooding risk for some 230,000 Ohio Valley homes
Nearly 20% of homes in West Virginia, 5% in Kentucky and 2.3% in Ohio are at risk of seeing structural damage due to flooding. Combined, this puts more than 230,000 residential properties eligible for federal flood insurance at risk in the Ohio Valley.
www.nytimes.com
Climate threats could mean big jumps in insurance costs this year
The federal government is revising rates for flood coverage on April 1. New data suggests premiums need to increase sharply for some homes.
ORIGINAL REPORTING
MOST POPULAR
CLIMATE
