Must Floodplain Buyouts Decrease Tax Revenue?

One frequent challenge is that local government officials are reluctant to offer post-disaster housing buyout programs because buyouts can result in lost property tax revenue: if residents relocate into other jurisdictions and properties are kept as vacant lots, tax revenue falls.  While the potential loss of tax revenue necessarily plays a major role in local level decisions, buyout programs can be designed such that they minimize potential losses or even increase local revenues by coupling the buyouts to strong land-use planning strategies that enhance the community.Read More

Policy Incubator Receives Julio Castelo Matrán International Insurance Award

On June 14th, The Wharton Risk Center’s Policy Incubator received the Julio Castelo Matrán International Insurance Award from Fundación MAPFRE, a Madrid-based non-profit foundation committed to human well-being and social progress. Presented biennially, the €30,000 award recognizes projects that foster economic stability and solidarity through insurance and/or social protection.Read More

Regional Conservation as a Climate Adaptation Tool

St. Louis’ Great Rivers Greenway (GRG) District oversees planning and execution of a network of trails and open spaces designed to link rivers, parks, and communities throughout the St. Louis region. Although not established with climate adaptation as an objective, this approach to conservation, often targeted at riparian corridors, has created natural infrastructure that lowers flood damages. This model that could be adopted in other regions as a way to fund green infrastructure for building climate resiliency.Read More

The Cape Town Water Crisis: What Does the Future Hold?

SiriusXM Business Radio Powered by The Wharton School recently had a segment on the Cape Town water crisis.  Host Don Loney of the Knowledge@Wharton show discussed the current situation in Cape Town and what it tells us about the future of water in a changing climate with guests Carolyn Kousky of the Wharton Risk Center, Kevin Winter of the University of Cape Town, and Martine Visser of the University of Cape Town.Read More

Look to Caribbean risk insurance model for US hurricane recovery

The first few days after a disaster, such as we have recently experienced with Hurricanes Harvey and Irma, are about emergency response: making sure people are safe, reuniting families, securing housing, filling necessities and restoring lifelines. But as days shift to weeks and then months and years, the slow process of rebuilding is undertaken. At every step of the way is the question of financing. Are there dollars available for what needs to be done? Who will pay for it? How will the costs be shared?Read More

Flooding and the Economics of Risk Reduction

As the long process of recovery begins for a devastated Texas, it is time to start thinking about how rebuilding can increase the resilience of the flooded households and communities. Incorporating risk reduction measures into rebuilding can often be more cost-effective when done as part of the repair process, and it also provides an opportunity to improve how flood risks are managed.Read More