Annual Cost Of US Floods In Hundreds Of Billions

Axios reports:

Flooding — which has gotten increasingly severe in an era of extreme weather — costs the U.S. economy an estimated $179.8 to $496 billion per year in 2023 dollars, according to new data from Democrats on the Senate Joint Economic Committee.

The estimates are the equivalent of over 1% of 2023’s gross domestic product, the report notes. It sheds light on a worsening problem for the insurance industry, as well as businesses and homeowners across the country.

Governors in states such as Florida and Louisiana are grappling with insurers fleeing their states amid rising hurricane-related hazards like inland, coastal and storm surge flooding.

Read the full article.

Flooding set to cost U.S. hundreds of billions as risks mount: https://t.co/ieJQMhSLaV (via @afreedma)

— Corey Fenwick (@coreywick) June 10, 2024