WASHINGTON (WCAX) – Vermont Senator Peter Welch has taken to the Weather Channel to talk about the economic consequences of climate change.
Welch shared the findings from a report by the Senate Joint Economic Committee that found that flood damage nationwide costs one to two percent of the U.S. gross domestic product or the equivalent of $180 to $496 billion each year. According to the report, ongoing impacts of climate change are expected to keep increasing the cost in the future.
Welch says one of the most immediate solutions is building infrastructure for flood resilience. “That means if you have an 18-inch culvert, but you really need a 40-inch, culvert that’s what you need to replace it with. It means that you’ve got to raise the level of bridges for things that in the past weren’t a problem but will be,” he said.
Welch says that for every dollar spent on flood resilience, it saves $318 in the future.