Or ... spend hundreds of billions to save a wealthy municipality hundreds of millions?
Or ... spend hundreds of billions to save a wealthy municipality hundreds of millions?
The economy will restructure itself and the area will depopulate. The article mentions the role of banks and insurers. Almost nobody can afford to buy a home without a mortgage or to self-insure.
Already, many Florida homeowners have only one option for homeowner's insurance: the Citizens Property Insurance Corporation, which is a non-profit "insurer of last resort". There is no profit in insuring the Florida coasts.
[0] https://en.wikipedia.org/wiki/Citizens_Property_Insurance_Co...
> Globally, it’s estimated that a hundred million people live within three feet of mean high tide and another hundred million or so live within six feet of it. Hundreds of millions more live in areas likely to be affected by increasingly destructive storm surges.