Removing 1 Million Homes from Flood Zones Could Save $1 Trillion – Scientific American
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Article Synopsis – A new study, sponsored by FEMA, has found “the U.S. could save more than $1 trillion by removing roughly 1 million homes from flood-prone areas and relocating residents”. The report suggests government buyout programs should be greatly expanded. “Removing 1 million flood-prone homes would cost $180 billion, but that spending would generate $1.16 trillion in savings over a 100-year period, mostly by averting property damage that is typically paid for by federally subsidized flood insurance or other disaster programs.” To read the actual article click here.