(task) Investing in Resilience NOW saves billions in the future

Begin forwarded message:

From: Miami-Dade County Office of Resilience <resilience@miamidade.gov>

Subject: Investing in Resilience NOW saves billions in the future

Date: October 21, 2020 at 7:01:01 AM EDT

To: michael.d.mcdonald@mac.com

Reply-To: resilience@miamidade.gov

No Images? Click Here New Report from the Urban Land Institute Builds Business Case for Climate Adaptation in Southeast Florida On October 13, 2020, the Urban Land Institute (ULI) released a new report, The Business Case for Resilience in Southeast Florida: Regional Economic Benefits of Climate Adaptation. This cost-benefit analysis examines the economic risk of sea level rise in communities of the Southeast Florida Regional Climate Change Compact, including Miami-Dade, Broward, Palm Beach and Monroe counties. Based on a technical study completed by AECOM, one of the world’s leading infrastructure consulting firms, the report explicitly outlines the economic wisdom for significant public and private investment in resilient infrastructure now to prevent much more costly expenses in the future if no immediate action is taken. These investments will protect property against flooding while robustly driving job creation.    Economic hardships from potential dramatic declines in property values, damage from flooding, and lost tourism and tax revenue will amount to billions of dollars if steps are not taken now to transform our communities. Regionally the estimates are that by 2040: $4.2 billion in property value will be exposed to daily tidal inundation  $3.2 billion in property damage is anticipated from one 10-year storm tide event  $28 million in sales, tourism, and property tax losses from daily tidal inundation   $2 million in sales and tourism tax losses will occur from one10-year storm tide event    However, the return on investment (ROI) from adaptation is positive, especially in Miami-Dade County. Building-level adaptations such as floodproofing, elevation, and the addition of permeable surfaces will generate $9 for every $1 invested and support 3,190 job years, which is one job per person each year, through 2040, or 22,660 job years through 2070. Community-wide adaptations, including green infrastructure, sea walls, and dune enhancement, will generate $5 for each $1 invested and support 15,200 job years through 2040, or 24,750 through 2070. This ULI study supports the forthcoming Miami-Dade County Sea Level Rise Strategy, which will provide a clear roadmap for Miami-Dade County to make smart investments in resilience that create jobs and safeguard our community from future losses.   The ULI study was spearheaded and funded by a coalition of public and private partners, including Miami-Dade, Broward, Monroe, and Palm Beach counties; the Florida Department of Environmental Protection; the Beacon Council Foundation; Broward Workshop; Community Foundation of Broward; Greater Fort Lauderdale Chamber of Commerce; and Greater Miami Chamber of Commerce. The results and this collaboration are highlighted in an article in the Miami Herald, New South Florida climate change financial report: Spend billions or lose much, much more. “To ensure a vibrant and successful future for our region, it is imperative that the public and private sector unite in making a collaborative effort to resiliency adaptation. The Urban Land Institute is proud to be working to advance these efforts at a regional scale alongside the Compact and Resilient305 partners.” - Greg West, Governance Committee Chair, ULI SE Florida/Caribbean & CEO, ZOM Living. Contact us at resilience@miamidade.gov or 305-375-5593 Regulatory and Economic Resources

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