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SUMMARY:Estimating Flood Damages with the National Water Model (by Timothy
  Foreman)
DTSTART:20230119T100000Z
DTEND:20230119T113000Z
DTSTAMP:20230116T103327Z
UID:presentation-121.series-10
DESCRIPTION:With forecasted increases in heavy precipitation and associate
 d flooding\, there is a need to understand the economic impacts of flood e
 vents. Even if there is sizable research on the impacts of coastal floods\
 , we cannot directly extrapolate these findings to inland flooding given d
 ifferent amenities and type of residents. To date\, analysis of the econom
 ic impacts of inland flooding at large temporal and spatial scales has bee
 n limited by the scarcity of flood damage metrics uncorrelated with socioe
 conomic characteristics of affected places.  We combine data from flood du
 ration\, extent\, and depth derived from NOAA's National Water Model with 
 the near-universe of flood insurance claims and policies\, data on mortgag
 e applications\, and residents' socioeconomic characteristics to derive th
 ree main findings of the economic impacts of inland flooding. First\, floo
 d duration is an relevant predictor of flood damage. Characterizing floods
  based purely on spatial characteristics will likely paint an incomplete p
 icture of inland flooding damage. Second\, inland flood events have a siza
 ble effect on housing markets\, notably\, census tracts that experience fl
 ooding see a decrease in house prices and a decrease in loan-to-income rat
 ios in mortgage applications. Third\, conditional on flood characteristics
  and number of existing policies\, census tracts with higher shares of Bla
 ck and lower-income populations have a lower number of flood insurance cla
 ims. Unequal protection from insurance can exacerbate post-flood inequalit
 y.\nOur findings highlight the economic relevance of flooding impacts away
  from coastal areas.
LOCATION:Hybrid - in person at SR Wegener Center (Brandhofgasse 5\, 1st fl
 oor) and online\, at:\, https://unimeet.uni-graz.at/b/wil-xh6-rlj-vur
ORGANIZER;CN="Douglas Maraun";ROLE=CHAIR:MAILTO:douglas.maraun@uni-graz.at
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