New York State Adaptation Costs Estimated at $519 Billion
What happened
Research conducted by Rebuild by Design at New York University estimates the cost to adapt New York State to climate change is approximately $519 billion collectively. The study, which reviewed 700 reports and projects, found that the cost per person could reach $26,000, covering expenses like home repairs and medical bills. The most significant costs identified include coastal defense, culvert replacement, and stormwater upgrades.
Why it matters
The findings highlight the substantial financial burden facing New York State due to increasing extreme weather events. The research also advocates for the Climate Change Superfund Act, which proposes a polluter pays model to address these costs.
Who's involved
- New YorkThe state facing the documented half-trillion dollar liability for climate adaptation.
- New York UniversityThe university where Rebuild by Design conducted the deep dive research.
- Liz KruegerThe state senator who commented on the enormous cost of climate inaction.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- New YorkSpeculative
The state might face increased costs for infrastructure projects like sewer and stormwater upgrades.
- PPLSpeculative
Fossil fuel companies might face massive financial liability if the proposed Superfund Act is implemented.
State revenue might increase due to proposed tax increases and corporate payments under the Superfund Act.
The state's environmental regulator might face increased funding needs to manage adaptation mandates.
Keep exploring
The entities involved
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New York
state of the United States of America
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New York University
private university in New York City
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Liz Krueger
American politician
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