https://www.wsj.com/articles/flood-climate-change-ipcc-united-nations-infrastructure-deaths-cost-severe-weather-11631134276?mod=opinion_lead_pos8
Each Thursday contributor Bjorn Lomborg will provide some important background so readers can have a better understanding of the true effects of climate change and the real costs of climate policy.
Climate change may raise waters and more Americans than ever live in floodplains, but technology and infrastructure protect them.Climate change may raise waters and more Americans than ever live in floodplains, but technology and infrastructure protect them.
Though the images of abandoned cars in waterlogged East Coast streets might make you think otherwise, the relative toll that floods take on the U.S.—in property and lives—has decreased over time. Flooding costs as a share of gross domestic product declined almost 10-fold since 1903 to 0.05% of GDP, while annual flood death risk—fatalities per million—dropped almost threefold. World-wide data are sparser, but flood research shows costs relative to GDP and deaths relative to population have decreased globally from 1980 to 2010.
Scary headlines about rising flood costs tend to come from misleading statistics of total damages, which say more about U.S. economic growth than they do about climate change. Since the start of the 20th century, the U.S. population has quadrupled and annual GDP has increased 36-fold. There are more people and structures in the U.S. than ever—including in floodplains. A flood that hits, say, Atlanta, will encounter far more people and buildings today than 30 years ago. The number of exposed housing units in the city’s floodplain went up by 58% from 1990 to 2010. At the same time, greater wealth and better technology have made people and property in low-lying areas safer from floods. Only when you look at damages in the context of GDP can you filter out what’s a sign of growing wealth and what indicates flood resiliency or vulnerability.