The severe flooding in the United States is causing significant economic damage, with estimates ranging from $179.8 billion to $496 billion annually. This amount surpasses 1% of the GDP in 2023. In response to the increased flood risks resulting from climate change, lawmakers are taking action to address the issue.
Jeremy Porter, the head of climate implications at First Street Foundation, emphasized the extent of the damages caused by flooding, estimating around $100 billion in annual damages to properties alone. When factoring in infrastructure damage, repair costs, lost wages, and other expenses, the total economic impact of flooding easily exceeds hundreds of billions of dollars. Apart from the financial implications, severe flooding also poses significant health risks. Contaminated water supplies, mold growth in homes, and the displacement of communities can lead to various health problems. Vulnerable populations, such as the elderly and individuals with preexisting health conditions, are particularly at risk during and after flood events. To protect against floods, substantial infrastructure upgrades costing between $70 billion and $345 billion are required.
