New York

IN 2012, HURRICANE SANDY SENT

about 10 feet of floodwater to New York City, inundating tens of thousands of buildings and threatening the city’s $2 trillion in assets. The water came mainly from the swell of Atlantic seawater that tends to push up against the U.S. eastern seaboard during big storms. As sea levels rise, the city is expected to see flooding in excess of 7.5 feet with increasing frequency—flooding that now occurs once every 25 years will happen every 5 years, according to a 2017 study. By 2050, more than a third of the city’s financial district will be at risk for flooding from storm surges.

The Big Apple has made piecemeal investments to harden itself against future storms but has yet to enact comprehensive measures. Mayor Bill Deblasio announced in 2019 a $10 billion project to extend lower Manhattan into the East River and build movable flood barriers. Other plans have called for seawalls, sand dunes and other structures. But time is short. If calamity strikes again anytime soon, New York will take a big hit.