This century has seen the costliest hurricanes in U.S. history--but
who bears the brunt of these monster storms?
Consider this: Five of the most expensive hurricanes in history have
made landfall since 2005: Katrina ($160 billion), Ike ($40 billion),
Sandy ($72 billion), Harvey ($125 billion), and Maria ($90 billion).
With more property than ever in harm's way, and the planet and oceans
warming dangerously, it won't be long before we see a $250 billion
hurricane. Why? Because Americans have built $3 trillion worth of
property in some of the riskiest places on earth: barrier islands and
coastal floodplains. And they have been encouraged to do so by what
Gilbert M. Gaul reveals in The Geography of Risk to be a confounding
array of federal subsidies, tax breaks, low-interest loans, grants, and
government flood insurance that shift the risk of life at the beach from
private investors to public taxpayers, radically distorting common
notions of risk.
These federal incentives, Gaul argues, have resulted in one of the worst
planning failures in American history, and the costs to taxpayers are
reaching unsustainable levels. We have become responsible for a shocking
array of coastal amenities: new roads, bridges, buildings, streetlights,
tennis courts, marinas, gazebos, and even spoiled food after hurricanes.
The Geography of Risk will forever change the way you think about
the coasts, from the clash between economic interests and nature, to the
heated politics of regulators and developers.
