A study released today by Climate Central, a climate change research group, concluded that 650,000 US coastal properties will be impacted by sea level rise flooding by 2050. To reach this conclusion, researchers analyzed state and county level tax reports in areas currently experiencing or at-risk of sea level rise flooding.
Among the key findings:
- More than 648,000 properties on 4.4 million acres are at risk of experiencing at least some measure of flooding.
- Over 48,000 properties may be entirely flooded.
- The low elevation states of Florida, Louisiana and Texas have the most at-risk properties.
- By 2100, over $100 billion worth of property will be at risk from rising seas.
The loss of properties threatens to create other problems for coastal communities and whole states. Properties that flood may become uninhabitable or lose value, which can harm the tax base that pays for schools, emergency services, critical infrastructure and numerous other services. Individual property owners, too, could also see their valuable real estate assets lose value, which can impact their wealth and retirement income.
To combat sea level rise flooding, governments in coastal communities are investing billions of dollars in property buyouts, pumping stations, the elevation of roads and other critical infrastructure, and the creation and improvement of sea walls and other flood-control barriers. In most cases, property owners are paying higher taxes to fund the projects. The loss of property value and tax revenues due to sea level rise flooding could create a spiral that makes funding these projects increasingly expensive, which will leave even more properties vulnerable to flooding.
Among the solutions Climate Central researchers recommend governments implement are encouraging development outside the sea level rise flooding risk zones, educating property owners about the risks rising seas pose to them, and, of course, reducing the burning of fossil fuels that are behind global warming and sea level rise.