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.
