Risk of Flood Damage to Homes to Reach $32B by 2051: Report

Originally published by Kate Duguid for Reuters.com on February 22, 2021. 

Rising sea levels and extreme weather could cause $20 billion of flood damage to at-risk U.S. homes this year, rising to $32 billion by 2051, according to research from New York-based flood research non-profit First Street Foundation published on Monday.

“Increased awareness of flood risk and rising future insurance costs impact perceptions of value, which will impact real estate markets,” said Matthew Eby, founder and executive director of First Street Foundation.

The cost of flood damage was approximately $17 billion annually between 2010 and 2018, according to testimony (here) from Federal Emergency Management Agency representative Michael Grimm. First Street does not have comparable estimates for 2020 or 2019.

 

Read More
Share this post: