Reducing Disaster Costs by Building Better – Council on Foreign Relations
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Article Synopsis – As the financial costs of climate change continue to grow, the federal government should insist on local risk reduction measures in exchange for financial support. “From 2005 to 2014, the federal government obligated almost $280 billion for disaster assistance. In 2018, in a period of six months, Congress shelled out $140 billion in aid—an amount that was nearly triple the annual budget for the Department of Homeland Security and that contributed almost 20 percent to the total federal deficit for that year. The price tag for disasters will only grow as climate change inflicts ever more natural disasters on the nation through more intense storms, longer droughts, bigger wildfires, and greater temperature and precipitation extremes—as well as sea level rise. Elimination of federal financial support for both development in high-risk areas and development that fails to comply with climate-resilient building practices would encourage those deciding how and where to build to consider future threat of damage.” To read the actual article click here.