15 votes

The Next Financial Crisis Could Be Caused by Climate Change

10 comments

  1. alyaza Link
    see also, vice's more recent article on the unlikely-but-not-impossible trillion dollar hurricane that causes enough property damage in florida to start a downturn. none of these events might be...

    see also, vice's more recent article on the unlikely-but-not-impossible trillion dollar hurricane that causes enough property damage in florida to start a downturn. none of these events might be independently likely--and in fact i'd guess the lot of them are fairly improbable--but increasingly, what seems improbable is just... not, and we're not prepared for many of those events at all, and that bodes really badly for the future.

    7 votes
  2. [8]
    eng Link
    Eventually we as a society will have to figure out what to do with low coastal cities like Miami and New Orleans. Do we fight the ocean with sea walls that can fail and cause catastrophe? Or do we...

    Eventually we as a society will have to figure out what to do with low coastal cities like Miami and New Orleans. Do we fight the ocean with sea walls that can fail and cause catastrophe? Or do we incentivize people to move to higher ground? May you live in interesting times indeed!

    6 votes
    1. [3]
      Pilgrim Link Parent
      It's simple actually but fairly brutal. Flood insurance does NOT make any money. Period. It's a losing game 100% subsidized by the U.S. government. If we want people to stop building on the coasts...

      It's simple actually but fairly brutal.

      Flood insurance does NOT make any money. Period. It's a losing game 100% subsidized by the U.S. government. If we want people to stop building on the coasts then we just stop paying them to rebuild there like we currently do. Over. And. Over.

      Source: https://en.wikipedia.org/wiki/National_Flood_Insurance_Program#Criticisms
      Read more about the program here: https://www.fema.gov/national-flood-insurance-program

      10 votes
      1. [2]
        hungariantoast Link Parent
        My parents received a five figure sum from FEMA to cover damages to their property. They weren't in a flood zone and as a result did not have flood insurance before hurricane Harvey came through....

        My parents received a five figure sum from FEMA to cover damages to their property. They weren't in a flood zone and as a result did not have flood insurance before hurricane Harvey came through. Their neighborhood received the most water of any location in Harris County, a freak coincidence that led to a foot of water (chump change, compared to some houses) inhabiting their home for a day.

        We shouldn't get rid of flood insurance or government payouts from damage caused by natural disasters, but we should perhaps start establishing "unprotected zones" where people have to choose to move to these areas with the understanding that they won't be financially protected from nature's wrath.

        The problem is that, like always, these "unprotected zones" will primarily affect the poor and disenfranchised, and the rich will never be bothered by them.

        7 votes
    2. [3]
      hungariantoast Link Parent
      Eventually? This is happening right now in Jean Lafitte, twenty-three miles south of New Orleans. I get the point of your comment and I agree with it, but these effects have already been showing...

      Eventually? This is happening right now in Jean Lafitte, twenty-three miles south of New Orleans.

      I get the point of your comment and I agree with it, but these effects have already been showing up for decades now, and we still aren't listening.

      I expect New Orleans to be a dead city by the end of the century.

      6 votes
      1. [2]
        alyaza Link Parent
        at this point, i'd honestly bet on sooner for this. any sort of major hurricane is likely to be devastating to the area, even with the extensive levee system that's been rebuilt post-katrina,...

        I expect New Orleans to be a dead city by the end of the century.

        at this point, i'd honestly bet on sooner for this. any sort of major hurricane is likely to be devastating to the area, even with the extensive levee system that's been rebuilt post-katrina, NOLA's significance is predicated on the mississippi flowing through it which is only held together by an extensive system of controls that could conceivably fail in a worst case scenario of flooding and divert the main channel of the mississippi down the atchafalaya river (which becomes more likely with climate extremes), and NOLA is built on ground that is generally sinking, meaning that every year it get a little further below sea level and makes it harder to keep most of the city from basically going under. i think something is just going to get new orleans sooner or later.

        4 votes
        1. Luna Link Parent
          Some of that land is sinking at ~2 inches/yr. How much does damage does that cause to utilities like water and sewage? Does that cause lots of stress on pavement?

          and NOLA is built on ground that is generally sinking

          Some of that land is sinking at ~2 inches/yr. How much does damage does that cause to utilities like water and sewage? Does that cause lots of stress on pavement?

          1 vote
    3. mundane_and_naive (edited ) Link Parent
      Moving is always just temporary. There are countries whose entire landmass is nothing but coastal. When calamities strike and climate change is taken seriously, people in those countries can't...

      Moving is always just temporary. There are countries whose entire landmass is nothing but coastal. When calamities strike and climate change is taken seriously, people in those countries can't just move away, they have no option but to fight back. And if those countries figured out how to defend themselves against the ocean, the US can just implement those same solutions for its coastal cities. In the long run, there's no avoiding fighting back. If we worry that walls might fail, we'd better be damn sure that they won't.

      4 votes
  3. Yugioh_Mishima Link
    They mean the next next financial crisis, right? Because the next one will likely be upon us very soon, caused by corporate debt.

    They mean the next next financial crisis, right? Because the next one will likely be upon us very soon, caused by corporate debt.

    2 votes