Open AccessTHE ECONOMICS OF SEA LEVEL RISE: FORECASTING FLOOD DAMAGE COST
Author(s) -
Angela Schedel,
John R. Schedel
Publication year - 2018
Publication title -
proceedings of conference on coastal engineering/proceedings of ... conference on coastal engineering
Language(s) - English
Resource type - Journals
eISSN - 2156-1028
pISSN - 0589-087X
DOI - 10.9753/icce.v36.risk.79
Subject(s) - flood myth , sea level rise , probabilistic logic , environmental resource management , risk analysis (engineering) , climate change , actuarial science , business , natural resource economics , environmental science , computer science , economics , geography , ecology , archaeology , artificial intelligence , biology
Globally, sea levels are rising. As property owners decide whether and how to protect their assets to minimize future damage, a comprehensive understanding of potential damage costs is vital to making informed, cost-effective decisions. These estimates, when combined with probabilistic modeling of future flood events and sea level rise, can be used to forecast the future costs of flood inundation. Using this information, the economic benefits of different adaptation measures are compared to select the most cost-effective option. This study describes a methodology using Expected Monetary Value (EMV) to make risk-informed decisions for adapting vulnerable assets to sea level rise.