The Cost of Hurricanes
September 7th, 2017Why Hurricanes Keep Getting Costlier
“….In 2016, the Congressional Budget Office estimated that hurricanes currently cause about $28 billion, on average, in annual damage nationwide. But those costs are projected to rise 40 percent between now and 2075, after adjusting for inflation.
Nearly half of that projected increase, the C.B.O. said, is because global warming and sea-level rise are expected to make hurricanes and storm surges more severe…..
But half of the expected rise in hurricane costs is the result of expected increases in coastal development. Today, according to the C.B.O., roughly 1.2 million Americans live in coastal areas at risk of “substantial damage” from hurricanes — defined as damage of at least 5 percent of average income. By 2075, that number is forecast to rise to 10 million.
Population growth can also increase hurricane risks by adding newcomers who are unfamiliar with big storms or by clogging roads during evacuations…..”
“…..sea levels along Miami’s coasts have risen 3.3 inches since then [1992], and the city is already seeing an increase in “sunny-day flooding” during high tides. With sea levels higher, a hurricane that struck in a vulnerable place could conceivably produce far greater flooding….. “