As climate fueled disasters accelerate, Congress struggles to keep funding in the pipeline.
Helene and other storms this year made clear how vulnerable our built infrastructure is to a new order of extremes. Turns out our economic infrastructure is creaking under the strain as well.
Below: The long-duration lake-effect snow event along the Great Lakes is entering its fourth day. Nearly 6 feet of snow has already accumulated, and the storm is expected to continue into Tuesday, potentially bringing total snowfall to over 7 feet.
In 2023, insurers lost money on homeowners coverage in 18 states, more than a third of the country, according to a New York Times analysis of newly available financial data. That’s up from 12 states five years ago, and eight states in 2013. The result is that insurance companies are raising premiums by as much as 50 percent or more, cutting back on coverage or leaving entire states altogether. Nationally, over the last decade, insurers paid out more in claims than they received in premiums, according to the ratings firm Moody’s, and those losses are increasing.
Disaster relief and insurance will be some of the first systems to fail.
The insurance goes away slowly at first, from one quarter to the next, but housing market collapses can happen very quickly, as For Sale signs sprout like mushrooms, and they can be contagious. Miami is on a razor’s edge.