Exploring the intricate relationship between floods and human dynamics along the CONUS coast reveals a concerning trend in US flood governance that could lead to social inequity and potentially trigger another housing market crash. This insightful study, recently published in Communications Earth & Environment, sheds light on the pressing issues within the current US National Flood Insurance Program.
Collaborating on this research are esteemed experts from UConn Department of Natural Resources and the Environment, including Associate Professors James Knighton and Richard Anyah, Master’s Student Sandeep Poudel, UConn Associate Extension Educator Zbigniew Grabowski, along with Rebecca Elliot from the London School of Economics and Political Science.
The US National Flood Insurance Program was initially established as a safety net for homeowners vulnerable to flooding risks when private insurers declined coverage. However, mounting losses exacerbated by climate change impacts have pushed NFIP into significant debt to the US Treasury since 2004.
By analyzing climate projections, census data, FEMA records, and home values from Zillow, researchers predict that without substantial changes in flood mitigation strategies, NFIP’s debt will escalate further leading to a potential housing market crash around 2060. These forecasts align with previous reports projecting billions of dollars’ worth of coastal properties at risk due to rising sea levels.
The warning signs are already visible as coastal property investments face uncertainties amidst increasing environmental threats. The implications of these findings urge policymakers to rethink current flood management approaches before it’s too late.
2024-11-16 15:15:04
Post from phys.org