State Has Most Property That Could Flood; Tourism, Agricultural Dollars Also At Risk
According to the latest research by the Risky Business Project, Florida has the most private property of any US state that might flood due to climate change. The report found that by 2030, the state will have around $69 billion in additional coastal property that might flood during high tide. This may rise to $152 billion in newly-vulnerable coastal property statewide by 2050. According to the Miami Herald, in addition to creating new flooding risks for property, rising sea levels and warmer temperatures may “slow labor productivity,” create stress for the energy sector, and cause a decline in tourism revenues. Additionally, the agriculture and manufacturing sectors may see “widespread damage” from climate change, the report cautioned. Among the other findings of the report are that “storm-related losses linked to climate change are expected to increase an average of $1.3 billion every year by 2030, or by $4 billion yearly on average by 2050.” By 2050 there may be 76 days per year when temperatures are at least 95 degrees, up from around 7 per year now.
Commenting on the research, Risky Business Project co-chair and former US Treasury Secretary Henry Paulson said, “The sea-rise numbers are out there. The heat numbers are out there. What this study has done for the first time is really look at this from a business perspective.” The Herald noted that Miami-Dade County earlier this year for the first time “agreed to have Mayor Carlos Gimenez draft a plan” to address climate change risks. County Clerk Harvey Ruvin said of the report, “Paulson gets it. When you have assets (public or private ) that are in jeopardy, it makes good business sense that you can add substantial value by investing in resiliency.”
What This Means For Small Businesses
Small business owners may have differing perspectives on the effects humans have on Earth’s climate. This latest climate change report encourages businesses, not government regulators, to take action. While such an approach may be helpful by steering clear of burdensome government regulations, it may cause undue pressure on some Miami small business owners.
Additional Reading
NFIB recently noted climate change legislation passed in California.
Note: this article is intended to keep small business owners up on the latest news. It does not necessarily represent the policy stances of NFIB.
