Tuesday, August 20, 2013
The plan includes 69 policy initiatives, of which a major recommendation is to build stronger buildings to better withstand future extreme storms amid a changing climate.
Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, and chair of the task force, notes:
Last year alone, there were 11 different weather and climate disaster events across the United States with estimated losses exceeding $1 billion each. We know that every dollar we spend today on hazard mitigation saves us at least $4 in avoided costs if a disaster strikes again. By building more resilient regions, we can save billions in taxpayer dollars.â€
The report makes clear that rebuilding to outdated standards is no longer an option given the impact of climate change and rising sea levels:
No single solution or set of actions can anticipate every threat, but decision makers at all levels must recognize that climate change and the resulting increase in risks from extreme weather have eliminated the option of simply building back to outdated standards and expecting better outcomes after the next extreme event. There is clear evidence at the national level that investments made to mitigate risk have achieved significant benefits.â€
One section of the plan focuses on addressing insurance challenges, understanding and affordability.
Specifically, the taskforce recommends: streamlining payouts to policyholders in the wake of disaster; improving policyholder awareness of factors that affect flood risk and insurance rating decisions; and studying affordability challenges of flood insurance as the National Flood Insurance Program (NFIP) transitions toward full risk rates.
PC360 has more on this story.
Check out I.I.I. facts and statistics on flood insurance here.