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Hurricane Ian destroyed house in Florida residential area.

How to protect your home—and your wallet—against natural disasters

 

Every year, natural disasters cause substantial property and economic damage to the United States. While it's impossible to predict the exact time, location, and severity of these disasters, there are ways to reduce the risks. Making structural upgrades to homes, using climate mapping tools to drive more informed housing decisions, and improving uptake of renters' insurance are all important. But individual actions will only go so far, Jenny Schuetz emphasizes.

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Did you know? From 1950 to 2017, only about 7% of California's emergency declarations were related to earthquakes, compared to 40% for floods and 30% for fires.

     

    More research and analysis

     

    💼 How firms can manage climate risks. The climate crisis will bring substantial risk to businesses' assets and operations. However, many firms have not implemented a comprehensive strategy to protect themselves. Sanjay Patnaik and Kira Fabrizio offer a climate risk planning framework and explain how to implement it.

     

    🛢️ Regions that depend on fossil fuel. With the U.S. pushing to decarbonize, it's critical to support communities that have historically relied on oil, gas, and coal for their economic livelihoods. Glencora Haskins and Joseph Parilla share strategies for place-based investment.

     

    💸 The social cost of carbon. As policymakers consider proposals that may increase or curb carbon emissions, they can use the social cost of carbon (SCC) to evaluate their decisions. Elijah Asdourian and David Wessel provide a helpful overview of the SCC, including how it's calculated.

     

    📜 The Inflation Reduction Act's climate provisions. In August 2022, President Biden signed the Inflation Reduction Act. The bill could dramatically transform the energy sector of the U.S. economy, but the costs and the extent of new investment are highly uncertain, John Bistline, Neil Mehrotra, and Catherine Wolfram find. 

     
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