The Costs of Climate Change and Extreme Weather Are Passing High-Water Mark

Hurricane Sandy made it clear: as the climate warms, population grows, and sea level rises, extreme weather will hurt more. That's why we need to fix flood insurance.

A report released last month by the National Flood Insurance Program (NFIP) found that by the end of the century, NFIP could have to insure 80% more properties than it does today, and the average loss on each property could rise by as much as 90%. Keeping up a system that provides subsidized flood insurance for those who live in the riskiest areas is barely doable now -- when those risks increase thanks to sea-level rise, it will be impossible. "To keep risks manageable and therefore insurable, all of us need to get serious about broad-scale financial solutions to this crisis."

The Costs of Climate Change and Extreme Weather Are Passing High-Water Mark