Thank you!
Your support is sustaining the future of local news in our communities.

The price tag of disaster

Over the past four weeks, just two hurricanes have cost the country upwards of $300 billion. This has easily surpassed the 2005 hurricane season cost of $200 billion, which included Katrina, Wilma and Rita combined. The cumulative cost of weather continues to escalate and with good reason.

Before you leap to the conclusion that global warming is the culprit, let me lay out some facts. Coastal storms are no more (or less) frequent an event now than they have been throughout our history. So what gives?

The answer lies in population growth and demographics within our own society. A few years ago, a study funded by the National Oceanic and Atmospheric Administration found that although hurricane intensity varied decade to decade, there has not been a spike in either the number or intensity of hurricanes, nor is there any evidence that global warming is the culprit. The study pinned the blame for the elevated level of property damage and deaths on the growing concentration of people and property in coastal hurricane areas.

Today, well over 55 percent of the nation’s population lives in roughly 673 coastal counties. That’s more than a 30 percent increase since 1980. The Southeast had the largest rate of change, with a 58 percent increase during that time. The Pacific region and the Northeast are also seeing the same phenomena. 

At this point, over half of us are crowded together on only 17 percent of America’s land mass (excluding Alaska). Some catastrophe-modeling companies predict that losses due to coastal storms will double every decade or so due to this trend.

Where there are people, there is also infrastructure — roads, bridges, ports, schools, hospitals, etc. There are also businesses such as stores, restaurants, factories, movies and the like. Finally, there are homes, from high-rise condos and apartment buildings to row after beachfront row of single- and multi-family dwellings. Over 55 percent of the nation’s housing stock sunbathes along our coasts.

This social migration is happening all over the world. Whether scientists look at Europe, Asia or anywhere in between, the results are the same. People are deliberately putting themselves and their property in harm’s way at an alarming rate. Today when even a middling hurricane makes landfall, the chances of $1 billion in damages and greater loss of life is higher than ever before.

υ  υ  υ

The same can be said for earthquakes, according to FEMA. Their studies found that although the number and intensity of earthquakes have stayed the same (more or less) over the last hundred years, damage has skyrocketed due to “significant growth in earthquake-prone urban areas and the vulnerability of older building stock, including buildings constructed within the last 20 years.”

At some point, when the cost of insuring “home, sweet home” on our nation’s coastal areas grows to be greater than your mortgage payments, the trend will reverse, or at least we hope so. But in the meantime, as long as one keeps wishing for that place by the shore, the economic costs will continue to grow. It’s your move, America.

 

Bill Schmick is registered as an investment advisor representative with Berkshire Money Management. Bill’s forecasts and opinions are purely his own. None of the information presented here should be construed as an endorsement of BMM or a solicitation to become a client of BMM. Email him at Bill@afewdollarsmore.com.

Latest News

Undermountain Trail

An after-dark rescue on the Undermountain Trail on Monday, Aug. 24 prompted officials to warn unprepared hikers from setting out close to sundown.

Alec Linden

SALISBURY — A nighttime rescue involving approximately 18 emergency responders has prompted local officials to warn hikers against entering the Bear Mountain area without adequate supplies or enough time to return before dark.

Crews were dispatched to the Undermountain Trail trailhead on Undermountain Road shortly before 9 p.m. Monday, Aug. 24, after two hikers called 911 to report that one of them, a 62-year-old woman, was experiencing numbness on one side of her body.

Keep ReadingShow less
“The Divine Sister” comes to Sharon Playhouse for one-night benefit
Playwright and performer Charles Busch is “The Divine Sister.”
Provided

Continuing a popular tradition, the Sharon Playhouse will present a one-performance-only staged reading of “The Divine Sister,” another riotous comic romp by the acclaimed playwright and performer Charles Busch, on Friday, Aug. 28 at 7 p.m.

The play is a wild and witty homage to Hollywood films that feature nuns — from “The Song of Bernadette” and “The Bells of St. Mary’s” to “The Singing Nun” and “The Sound of Music.” It is classic Charles Busch: wickedly funny, gloriously over-the-top and overflowing with theatrical joy.

Keep ReadingShow less

KK Kozik sees things differently

KK Kozik sees things differently

KK Kozik in her studio

Natalia Zukerman
Maybe it takes the ability to interpret what you’re looking at to really see.
— KK Kozik

KK Kozik has a theory about getting older.

“I don’t think you have eyes to see until you have eyes to see,” said the painter. “And maybe it takes the ability to interpret what you’re looking at to really see, and maybe that’s what comes with wisdom.”

Keep ReadingShow less
google preferred source

Want more of our stories on Google? Click here to make us a Preferred Source.

Lakeville Open Horse Show returns for 69th year

Jazzmine Bone and A Stitch in Tyme power through the Gambler’s Choice run during the 2024 Lakeville Open.

Caitlin Von Graf

For nearly seven decades, the Lakeville Open Horse Show has brought riders, horses and spectators together for a day of competition and community.

This year’s show takes place on Sunday, Aug. 30, at Riga Meadow at Coole Park, 1031 Bengal Amenia Road in Millbrook.

Keep ReadingShow less
A new home for contemporary music in Connecticut

This year, the ARChive of Contemporary Music, or ARC, is moving its collection to a permanent home in Ridgefield, Connecticut.

ARC is somewhat hard to imagine. Comprised mainly of huge collections from musicians, archivists, and DJs, it has compiled more than three million sound recordings, consisting of over 90 million songs.

Keep ReadingShow less
A Vietnamese water puppet musical returns to the quarry where it began

“The Magnificent Ms. Pham” combines Vietnamese water puppetry, shadow theater, music and storytelling.

Provided

“The Magnificent Ms. Pham,” the first Vietnamese American water puppet show, is returning to the water where it was born. The perpetual motion puppet show will be at TurnPark Art Space in West Stockbridge, Mass., Aug. 28 and 29, following a sold-out New York City premiere earlier this year. The production was originally developed at TurnPark, where its puppets first danced across the surface of the quarry lake.

Created by Vietnamese American artist Tommy Nguyen and director and designer Doug Fitch, the production tells the story of Nguyen’s mother, Kim Pham, and her journey from Vietnam to the United States. The story moves between memory, Vietnamese history and mythology, and the realities of immigration, following Kim from her childhood in Vietnam through her escape as a “boat person” and eventual life in Houston, Texas.

Keep ReadingShow less
google preferred source

Want more of our stories on Google? Click here to make us a Preferred Source.

google preferred source

Want more of our stories on Google? Click here to make us a Preferred Source.