Andrew Freedman of Axios reports on the economic impacts of flooding.
- Flooding costs the U.S. economy an estimated $179.8 to $496 billion per year, according to a new report.
- This equates to nearly 1% of the country’s GDP.
- While extreme weather plays a role in this figure, the cost of construction and repairs, which have jumped significantly due to inflation, is a significant factor for these cost estimates.
“Porter said the insurance industry is hurting in part because of inflation’s impacts to construction costs. With climate change altering the frequency and severity of extreme precipitation that leads to flooding, inflation can make repairs more costly.”
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