What can be saved? US cities debate how to prepare for extreme storms

But don't count on flood insurance to bail you out

New York Weekend Edition /
Jan.January 28, 2018 01:23 PM

Back: 2011 photo from a North Dakota flood. (Credit: 3rd Combat Camera Squadron Staff Sgt. Shardia Jackson; illustration by Wikimedia Commons)

American cities are debating how to tackle the changing nature of storms, but the one thing everyone can agree on is that no one is prepared.

The most recent city to be shook by unexpected extreme weather was Boston. The city experienced an unprecedented tidal surge during a storm earlier this month, according the Wall Street Journal, with the flood waters permeating parts of the city that had never been thought of as flood risks. It’s one of several wake-up calls in coastal U.S. cities that’s prompting reflection on what to be done.

In the case of Boston, a geologist working for the city who estimated the cost of “storm-proofing” the Big Dig would be almost $200 million along with other related projects in neighborhoods that would run up bills of more than $400 million. But there’s disagreement on what plan to follow.

R.J. Lehmann from R Street Institute told the Journal that such projects should be selected carefully with acknowledgement that not every neighborhood can be saved from extreme weather.

“There will be places where the costs exceed the benefits. And where that happens, we might lose some communities,” he explained. Buyouts, to him, “are part of the future.”

Others say projects need to get underway now — even without certainty that they will fully address weather threats.

“We are either going to get it a little wrong, or a lot wrong,” said Carnegie Mellon University’s Constantine Samaras to the Journal.

Adding to various municipal crises, at the World Economic Forum in Davos this week CEO of AXA SA Thomas Buberl noted that insurers were also watching climate-related weather changes and said that there are some properties that may just not be insurable in the future. So much for flood insurance. [WSJ]Erin Hudson


Related Articles

arrow_forward_ios
The average price of a London home rose above 500,000 pounds, or roughly $685,000, for the first time. (Getty)
London home prices hit new high
London home prices hit new high
(Illustration by The Real Deal)
Americans bought 5.6M homes last year — the most since the bubble
Americans bought 5.6M homes last year — the most since the bubble
Freshly CEO Michael Wystrach and 28 East 28th Street (Photos via Twitter; Google Maps)
Freshly inks big lease in NoMad
Freshly inks big lease in NoMad
Randy Mastro and 21 East 83rd Street (Photos via Getty; Google Maps)
Former deputy mayor Randy Mastro, lawyer in Lucerne controversy, lists UES home
Former deputy mayor Randy Mastro, lawyer in Lucerne controversy, lists UES home
From left: Isaac Zion with JMC Holdings' Matthew Cassin (left) and David Taylor (right) (Photos via SL Green; JMC)
Former SL Green exec Isaac Zion joins Acram Group
Former SL Green exec Isaac Zion joins Acram Group
(Photo illustration by The Real Deal)
Inside mall owner Namdar’s rapid growth story
Inside mall owner Namdar’s rapid growth story
15 Park Row (Google Maps)
J&R Music founders sell Park Row apartment tower for $140M
J&R Music founders sell Park Row apartment tower for $140M
Claudio Del Vecchio has owned Brooks Brothers since 2001. (Getty)
Brooks Brothers’ Madison Ave store could give way to Midtown East tower
Brooks Brothers’ Madison Ave store could give way to Midtown East tower
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...