The Pak Banker

Cost of flood damage to US homes will increase 61pc

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Rising sea levels and extreme weather could cause $20 billion of flood damage to at-risk U.S. homes this year, rising to $32 billion by 2051, according to research from New York-based flood research non-profit First Street Foundation published.

"Increased awareness of flood risk and rising future insurance costs impact perception­s of value, which will impact real estate markets," said Matthew Eby, founder and executive director of First Street Foundation.

The cost of flood damage was approximat­ely $17 billion annually between 2010 and 2018, according to testimony here from Federal Emergency Management Agency representa­tive Michael Grimm. First Street does not have comparable estimates for 2020 or 2019. Roughly 4.3m homes concentrat­ed in Florida, California, South Carolina and Texas.

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