From Vox: Climate change and soaring flood insurance premiums could trigger another mortgage crisis. Officials fear “a huge foreclosure crisis” from FEMA flood insurance reforms.
Breaking the Cycle of “Flood-Rebuild-Repeat”: New White Paper from the Sabin Center and the Natural Resources Defense Council
Since September 2017, Congress has kept the National Flood Insurance Program (NFIP) afloat with a series of short-term extensions, repeatedly punting on a valuable opportunity to issue a long-term reauthorization and reform the program to better protect communities from the increased risks of flooding spurred by climate change. But the federal government is not the only entity poised to take action. A new white paper from the Sabin Center and the Natural Resources Defense Council, “Breaking the Cycle of “Flood-Rebuild-Repeat”: Local and State Options to Improve Substantial Damage and Improvement Standards in the National Flood Insurance Program,” proposes legal and policy reforms that states and localities can implement to make their communities more resilient and to update the NFIP for the realities of climate change.
Thanks to Chris Jones for the citation.
From Reuters, yet another take on the costly and sometimes tragic outcomes from lack of regulation and the problems of the National Flood Ins. Program. See: Unfettered building, scant oversight add to cost of hurricanes in U.S.
In the wake of a ferocious storm season, Reuters finds that homes built in violation of flood-mitigation rules add to the billions of dollars in claims on the already-broke federal flood insurance program
From the NY Times: When Rising Seas Transform Risk Into Certainty. “Along parts of the East Coast, the entire system of insuring coastal property is beginning to break down.”