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Future losses

Destructive weather

Wake of disaster: damage left behind by Hurricane Sandy in coastal New Jersey

US Air Force / Mark C. Olsen Wake of disaster: damage left behind by Hurricane Sandy in coastal New JerseyUS Air Force / Mark C. Olsen 

In 2012, Hurricane Sandy destroyed or damaged 650,000 homes and caused $50 billion in losses in the state of New Jersey alone. More situations like these are expected to happen in coastal regions of the United States. There, damage to seafront properties from rising sea levels has been estimated at $106 billion by 2050 and $507 billion by 2100 (Earth’s Future, June 2014). These are believed to be the first local and regional estimates of potential future losses in the United States as a result of global climate change. Previous calculations were more generic and predicted global economic impacts. The new estimate is intended to help coastal homeowners, investors, and urban planners in the United States better plan their investments. Coordinated by Robert Kopp of Rutgers University, the study indicated that sea levels near New York City are expected to rise by 0.7 to 1.4 meter over the next hundred years, more than the estimated global average. Even a moderate rise in sea level in the state of Florida would cause damage amounting to $23 billion in the form of submerged homes by 2050. There is a 1% risk that Florida urban properties worth an estimated $681 billion will be under water by the end of the century.