Greg Ip

Articles by The Economist’s U.S. Economics Editor

Archive for the ‘Natural disasters’ Category

Coastal cities and climate change: You’re going to get wet

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Americans are building beachfront homes even as the oceans rise

BEFORE Hurricane Sandy tore through New York and New Jersey, it stopped in Florida. Huge waves covered beaches, swept over Fort Lauderdale’s concrete sea wall and spilled onto A1A, Florida’s coastal highway. A month later another series of violent storms hit south Florida, severely eroding Fort Lauderdale’s beaches and a chunk of A1A. Workers are building a new sea wall, mending the highway and adding a couple of pedestrian bridges. Beach erosion forced Fort Lauderdale to buy sand from an inland mine in central Florida; the mine’s soft, white sand stands out against the darker, grittier native variety.

Hurricanes and storms are nothing new for Florida. But as the oceans warm, hurricanes are growing more intense. To make matters worse, this is happening against a backdrop of sharply rising sea levels, turning what has been a seasonal annoyance into an existential threat. Read the rest of this entry »

Written by gregip

June 15, 2013 at 9:41 pm

Posted in Natural disasters

Natural disasters: The rising cost of catastrophes (editorial)

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How to limit the damage that natural disasters do

Jan 14th 2012 | from the print edition

 COMMERCE has long been at the mercy of the elements. The British East India Company was almost strangled at birth when it lost several of its ships in a storm. But the toll is rising. The world has been so preoccupied with the man-made catastrophes of subprime mortgages and sovereign debt that it may not have noticed how much economic mayhem nature has wreaked. With earthquakes in Japan and New Zealand, floods in Thailand and Australia and tornadoes in America, last year was the costliest on record for natural disasters.This trend is not, as is often thought, a result of climate change. There is little evidence that big hurricanes come ashore any more often than, say, a century ago. But disasters now extract a far higher price, for the simple reason that the world’s population and output are becoming concentrated in vulnerable cities near earthquake faults, on river deltas or along tropical coasts (see article). Those risks will rise as the wealth of Shanghai and Kolkata comes to rival that of London and New York. Meanwhile, interconnected supply chains guarantee that when one region is knocked out by an earthquake or flood, the reverberations are global.

(Read the entire editorial, linked here.)

Written by gregip

January 12, 2012 at 1:49 pm

Posted in Natural disasters

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