40 percent of Florida property will be 'highly exposed' to flooding

19 Juin, 2018, 11:09 | Auteur: Therese Cote
  • A home goes up on the shore in the Indian Beach neighborhood of Sarasota Florida a state which faces the highest risk of property loss in the US due to sea level rise

And Tampa Bay faces some of the greatest risk within the Sunshine State.

A new study by the Union of Concerned Scientists (UCS) released Monday said 115,000 Virginia homes will be at risk for tidal flooding.

"Once market risk perceptions catch up with reality, the potential drop in Floridas coastal property values could have reverberations throughout the economy — affecting banks, insurers, investors, and developers — potentially triggering regional housing market crises", the report said.

The report estimates almost 175 communities could expect to see 10 percent or more of their homes at risk of chronic flooding by 2045, with almost 60 of those communities experiencing poverty levels above the national average. The homes at risk by 2100 now contribute roughly $187 million collectively in annual property tax revenue.

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And its not just residential properties. Even that intermediate estimate could still mean $1 billion in Texas property value lost at sea. Using three sea level rise scenarios developed by the National Oceanic and Atmospheric Administration and localized for this analysis, UCS determined how many residential and commercial properties along the entire lower 48 coastline are at risk of becoming chronically inundated from high tides.

The study focuses of different sea level scenarios, projecting an average of 1.8 feet of sea level rise for North Carolina by 2045. Third is Miami, with up to 20 percent of its base at risk by 2045 and 21 to 60 percent by 2100.

Some of the areas expected to be hit the hardest by such flooding are also areas that will likely have more difficulty adapting and recovering because of "long-standing social and economic inequities", the report said. According to the research, Miami, Fort Myers, West Palm Beach, and the Keys will be among the cities most affected by the rising sea levels.

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