$400 billion on sea walls

Perhaps there are still some who think that even if climate change is happening (and they rather doubt it) its consequences won't happen for decades.

No doubt the people dying of heatwaves in India and Europe might disagree.  And in coastal cities the costs of new sea defences to protect against rising sea levels are ballooning.

From Climate Denial Crock of the Week:

As more and more Republicans dare to admit the obvious, that climate change is happening, we hear assurances that we’re simply going to “adapt”.

One adaptation often suggested is to “be more like Holland”, build dykes and seawalls, and, poof, no more problem. Next time you hear that from your GOP rep, ask him how exactly the “free market” economy is going to finance those sea walls.

Another example of privatized profit and socialized risk. You’ll pay for all of this.

Extreme weather events are becoming increasingly common in the United States with the National Ocean and Atmospheric Administration listing 14 separate billion-dollar incidents in 2018 alone. With coastal communities at high risk from rising sea levels and storms caused by global warming, a new report shows just how desperate the situation has become. 

Even though estimates about rising sea levels vary, the Center for Climate Integrity has published an analysis which estimates that the U.S. will have to invest $416 billion in constructing seawalls between now and 2040. At state level, Florida is expected to have to spend $76 billion on seawalls over the next two decades with while Louisiana will have the second-highest bill at $38 billion. 

When it comes to the cities at the greatest risk, Jacksonville in Florida will have to spend $3.5 billion improving its storm-surge defenses while New York will have a $2 billion outlay and Virginia is expected to pay $1.7 billion. Galveston in Texas will have the fourth highest bill of any city with $1.1 billion which equates to $21,282 for each of its residents. 

That begs the question: who is going to pay for half a trillion dollars worth of seawalls? It quickly becomes obvious that most cities will have trouble paying, particularly considering Galveston’s hefty bill per inhabitant. That means many will have to turn to federal funding, with Staten Island setting a recent example. It is building a five-mile seawall which is supposed to withsand a 300-year storm. It is expected to cost $615 million with $400 million being covered by federal funding. Considering the devastating impact of Hurricane Sandy which caused 13 deaths and $19 billion in economic losses, an expensive but effective seawall can prove a wise long-term investment.

[Read more here]