15 votes

The next financial crisis could be caused by climate change

6 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. [5]
    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. [2]
      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
    2. [3]
      Comment deleted by author
      Link Parent
      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