Trending Now
We have updated our Privacy Policy and Terms of Use for Eurasia Group and its affiliates, including GZERO Media, to clarify the types of data we collect, how we collect it, how we use data and with whom we share data. By using our website you consent to our Terms and Conditions and Privacy Policy, including the transfer of your personal data to the United States from your country of residence, and our use of cookies described in our Cookie Policy.
Floodwaters cover a parking lot on the Yantic River after heavy rains in Norwichtown, Connecticut, U.S., January 10, 2024.
Last weekend, rainfall in the northeast caused heavy flooding in parts of the United States and Canada as the region experienced yet another wave of unprecedented flooding.
On Monday, the governor of Connecticutdeclared a state of emergency as officials began cleanup efforts. The flooding killed two residents and hundreds were evacuated. The floods also affected parts of New York and grounded flights at JFK, Newark, and LaGuardia.
Just outside Toronto, the city of Mississauga set a rainfallrecord with 5 inches of rain falling and flooding streets.
The cost of the flooding is still being tallied, but it’s going to be expensive. In July, a flood in Toronto that saw four inches fall led to insureddamages of more than CA$1 billion. According to the Insurance Bureau of Canada, severe weather events last year cost insurers over $3 billion, with year-over-year costs trending up, with billions more ininfrastructure damage.
In the US, the costs are even higher. The Joint Economic Committeeestimates that floods alone cost the country between $180 and $496 billion each year, including infrastructure costs to keep up with floods, which run into the tens of billions yearly on the low end.
Climate change is set to continue to drive up costs as extreme weather events become more frequent and damaging, putting stress on insurance rates, public coffers, and the accuracy of calling these increasingly common events “uncommon.”