Report: Spending on climate projects pays off

A study commissioned by the South Florida Climate Compact found that building resilient infrastructure to protect against climate change will cost billions but prevent even more in damage.

It’s going to cost billions to protect South Florida from climate change, that much has been clear for awhile. But a new study suggests that sticking our heads in the sand will cost far, far more.

A new report commissioned by the South Florida Climate Compact found that if the region doesn’t adapt to climate change, the damage could exceed $38 billion by 2070.

It also found that climate projects make financial sense for Broward, Palm Beach and especially Miami-Dade. That is, for every dollar invested in building a higher sea wall or floodproofing a building, the counties would lose fewer jobs and protect more property from damage. However, the math doesn’t line up for highly vulnerable Monroe County, a fact that analysts and leaders chalked up to the smaller population.

The estimated costs of adapting are high. Elevating and floodproofing buildings alone could cost the four counties $4.4 billion by 2070. Other coastal protections, like adding sand to beaches and building berms, could cost $18.2 billion by 2070.

But the price of not doing anything is much steeper. Raising and floodproofing buildings could avoid $18 billion in losses. Armoring the coast could avoid $38 billion in losses. Either batch of solutions could also create tens of thousands of jobs throughout the region.