Scientific American/E&E News: $35 Billion Worth of Real Estate Could Be Underwater by 2050

"Millions of acres of coastal land will be in flood zones by midcentury, potentially costing communities huge sums in lost property taxes as developed land becomes uninhabitable, an analysis released Thursday shows.

"Research nonprofit Climate Central conducted a unique study of sea-level rise, projecting the amount of real estate, buildings and tax revenue that hundreds of coastal counties will lose as tides encroach on developed areas. It found that an estimated 4.3 million acres — an area nearly the size of Connecticut — will be underwater by 2050, including $35 billion worth of real estate.

“Higher flood waters are reaching further inland, flooding properties and buildings that have never flooded before,” Climate Central researchers wrote.

"Louisiana could be particularly hard hit, according to the report, with 2.4 million acres underwater by 2050. On the Louisiana coast, Terrebonne Parish could see 77 percent of its acreage flood, potentially submerging 5,700 buildings.

"Florida, North Carolina and Texas could also face substantial losses. In Dare County on North Carolina’s Outer Banks, for example, 27 percent of the acreage will be at risk of flooding by 2050, potentially submerging $875 million worth of real estate and buildings. Monroe County in the Florida Keys could see 19 percent of its acreage flood, representing $700 million in real estate and buildings.

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"Mark Rupp, adaptation program director at the Georgetown Climate Center, said local property tax bases are “being washed away” by rising tides, which will force local officials to take steps such as relocating residents away from coasts and elevating roadways above flood levels."

Read the full article by Thomas Frank in the Scientific American.