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Expected Costs of Damage From Hurricane Winds and Storm-Related Flooding

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  • Congressional Budget Office

Abstract

Damage from hurricane winds, storm surges, and heavy rain imposes costs on private entities, such as households and businesses, and on all levels of government. By CBO’s estimate, the expected economic losses (average losses over the long run) from most types of such damage total $54 billion per year: $34 billion to the residential sector, $9 billion to commercial businesses, and $12 billion to the public sector.

Suggested Citation

  • Congressional Budget Office, 2019. "Expected Costs of Damage From Hurricane Winds and Storm-Related Flooding," Reports 55019, Congressional Budget Office.
    • Handle: RePEc:cbo:report:55019
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    File URL: https://www.cbo.gov/system/files/2019-04/55019-ExpectedCostsFromWindStorm.pdf
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    Cited by:

    1. Antoine Mandel & Timothy Tiggeloven & Daniel Lincke & Elco Koks & Philip Ward & Jochen Hinkel, 2021. "Risks on global financial stability induced by climate change: the case of flood risks," Climatic Change, Springer, vol. 166(1), pages 1-24, May.
    2. Renato Molina & Ivan Rudik, 2022. "The Social Value of Predicting Hurricanes," CESifo Working Paper Series 10049, CESifo.
    3. Lin, Yatang & McDermott, Thomas K.J. & Michaels, Guy, 2024. "Cities and the sea level," Journal of Urban Economics, Elsevier, vol. 143(C).
    4. Indira Pokhrel & Ajay Kalra & Md Mafuzur Rahaman & Ranjeet Thakali, 2020. "Forecasting of Future Flooding and Risk Assessment under CMIP6 Climate Projection in Neuse River, North Carolina," Forecasting, MDPI, vol. 2(3), pages 1-23, August.
    5. Benjamin Dennis, 2023. "Household, Bank, and Insurer Exposure to Miami Hurricanes: a flow-of-risk analysis," Finance and Economics Discussion Series 2023-013, Board of Governors of the Federal Reserve System (U.S.).

    More about this item

    JEL classification:

    • H50 - Public Economics - - National Government Expenditures and Related Policies - - - General
    • H84 - Public Economics - - Miscellaneous Issues - - - Disaster Aid
    • Q50 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - General
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy

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