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Coastal News Today | USA - Good Economic Policy is Good Resilience Policy

Coastal News Today | USA - Good Economic Policy is Good Resilience Policy
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National flood insurance programதேசிய வெள்ளம் காப்பீடு ப்ரோக்ர்யாம்

Flood risk is growing for US homeowners due to climate change Current insurance rates greatly underestimate the threat, a new report finds

Currently, there are nearly 4.3 million residential properties around the country with a substantial risk of financial loss due to flooding. The report defines “substantial risk” as carrying a 1% chance of flooding in any year. But the report finds that those homes face losses each year which dwarf the costs of their NFIP premiums. The average NFIP premium cost today for those properties is around $981, but their expected annual loses are $4,694 per property. If all of those property owners were to purchase flood insurance to protect against potential damage, premiums would need to increase by 4.5 times to cover the risk. The analysis was conducted by the First Street Foundation, a non-profit research and technology group that aims to shed light on the growing risk of flooding around the country due to climate change.

United statesCarolyn kouskyDavid maurstadSandra knightMichael grimmUniversity of maryland centerWharton risk centerEmergency management agencyCongressional review serviceNational flood insurance programUniversity of pennsylvaniaFederal emergency management agencyFirst street foundationSpecial flood hazard areaMatthew ebyFirst street

It s time to reduce taxpayer burdens from natural disasters

It’s time to reduce taxpayer burdens from natural disasters WASHINGTON (March 17, 2021) The value of coastal property continues to rise despite the increasing risk from extreme weather events. The current annual economic impact from hurricanes and storm-related flooding is $54 billion, $17 billion of which are direct costs to the federal government. But due to the combination of increasing coastal wealth and climate change’s intensification of extreme weather events, costs will continue rising. Prudent policy should dictate that the federal government revisit its coastal resilience efforts and identify opportunities to mitigate the cost and suffering inflicted by natural disasters. In a new policy study [1] from R Street and C3 Solutions, R Street’s senior fellow for energy and environment Philip Rossetti examines the failing National Flood Insurance Program (NFIP) and how climate change is rapidly increasing natural disasters in flood-prone areas.

Philip rossettiR street instituteNational flood insurance programAndrew bondபிலிப் ரொசெட்டிர் தெரு நிறுவனம்தேசிய வெள்ளம் காப்பீடு ப்ரோக்ர்யாம்ஈர்த்தது பத்திரம்

Opportunities to Reduce Taxpayer Burdens from Hurricanes and Storm-related Flooding

Opportunities to Reduce Taxpayer Burdens from Hurricanes and Storm-related Flooding
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United statesR street instituteNational flood insurance programCongressional budget officeDepartment of housingGovernment accountability officeBipartisan budget actUrban developmentஒன்றுபட்டது மாநிலங்களில்ர் தெரு நிறுவனம்தேசிய வெள்ளம் காப்பீடு ப்ரோக்ர்யாம்காங்கிரஸ் பட்ஜெட் அலுவலகம்துறை ஆஃப் வீட்டுவசதிஅரசு பொறுப்பு அலுவலகம்நகர்ப்புற வளர்ச்சி

Good Economic Policy is Good Resilience Policy

Good Economic Policy is Good Resilience Policy When hurricanes or major storms strike the United States, most of the media coverage focuses on how climate change is exacerbating the intensity and frequency of major storms. But even as these catastrophic events occur, climate change is only a partial––if very visible––part of the problem. A larger part of the problem comes in the aftermath of these events, as individuals try to clean up, rebuild and move on. Many who have lost or damaged property need to lean on the federal government to help get back on their feet. This is why the National Flood Insurance Program (NFIP) was created. Its goal, since its inception in 1968, has been to make flood insurance available to at-risk persons even if conventional insurance is otherwise unavailable.

United statesR street instituteNational flood insurance programGovernment accountability officeDepartment of housingArmy corps of engineersArmy corpsUrban developmentஒன்றுபட்டது மாநிலங்களில்ர் தெரு நிறுவனம்தேசிய வெள்ளம் காப்பீடு ப்ரோக்ர்யாம்அரசு பொறுப்பு அலுவலகம்துறை ஆஃப் வீட்டுவசதிஇராணுவம் கார்ப்ஸ் ஆஃப் பொறியாளர்கள்இராணுவம் கார்ப்ஸ்நகர்ப்புற வளர்ச்சி