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News Link • Government Debt & Financing

Coastal flooding could cost $1 trillion by 2050, as Task Force warns to prepare for future storms

 Hopefully these studies and a new presidential report will inspire coastal states to act.

Following the destruction caused by Superstorm Sandy, President Obama created the Hurricane Sandy Rebuilding Task Force to study what should be done to prevent similar damage from future storms.

On Monday, the Task Force delivered its report.

[The report says] coastal communities should assume floods are going to happen more frequently and realize that spending more now on protective measures could save money later. It calls for development of a more advanced electrical grid less likely to be crippled in a crisis, and the creation of better planning tools and standards for communities rebuilding storm-damaged areas.

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