A luxurious waterfront property in Naples, Florida, has been sold for a record-breaking price, despite its high risk of flooding. The property, which includes three separate homes, was reported by The Wall Street Journal as having fetched the second-highest home-sale price in U.S. history. According to Realtor.com, the compound has a 99.9% risk of flooding over the next 30 years due to rising sea levels and hurricane storm surges.
Climate Change and Coastal Flood Risk
The increasing frequency and severity of extreme weather events are making coastal communities more vulnerable to flooding. Climate tech investor and journalist Molly Wood has compared the effect of human-influenced sea level rise and supercharged weather to the use of steroids in professional sports, stating that extreme versions of normal weather events will occur more frequently.
The impact of extreme weather events is not limited to the immediate aftermath of floods and hurricanes. Several Southern states, including Florida, have seen home insurance providers withdraw from areas deemed high-risk due to supercharged weather crises.
Community Responses to Flood Risk
Residents of coastal communities are taking collective action to address the issue. In Stonington, Maine, residents have raised wharves and docks to combat rising waters and established a resiliency fund to aid working-class residents. Similarly, officials in Marin County, Northern California, have earmarked funds for residents in vulnerable areas.
As climate change continues to accelerate, coastal communities will need to adapt to the increasing risk of flooding. With 29% of Americans living near coastlines, finding solutions to this problem is crucial for the lives and livelihoods of many residents.
