The High Cost of Floods
Mitigating the Impact of Floods on Communities and the Federal Budget
Floods are the most common and costly natural disasters in the United States, and despite scientific advances and the implementation of Federal hazard-reduction policies, flood damage continues to escalate. In the wake of “Superstorm Sandy,” which ravaged the East Coast this fall, the Federal Government’s program for coping with such disasters itself is now strained to the limit. Congress created the National Flood Insurance Program (NFIP) in 1968, after a series of floods destroyed homes and businesses in coastal areas and along major river basins, making clear that without insurance coverage, the government would be required to respond to huge…
