Flooding is the costliest form of natural disaster and impacts are expected to increase, in part, due to exposure of new development to flooding. However, these costs could be reduced through the acquisition and conservation of natural land in floodplains. Here we quantify the benefits and costs of reducing future flood damages in the United States by avoiding development in floodplains. We find that by 2070, cumulative avoided future flood damages exceed the costs of land acquisition for more than one-third of the unprotected natural lands in the 100-yr floodplain (areas with a 1% chance of flooding annually). Large areas have an even higher benefit–cost ratio: for 54,433 km2 of floodplain, avoided damages exceed land acquisition costs by a factor of at least five to one. Strategic conservation of floodplains would avoid unnecessarily increasing the economic and human costs of flooding while simultaneously providing multiple ecosystem services.
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This study was made possible by funding for the Nature Conservancy from the Kresge Foundation. P.B. was supported by a Leverhulme Research Fellowship and a Wolfson Research Merit Award from the Royal Society in the United Kingdom. We thank Philip Morefield for providing the ICLUS data. W.D.L contributed to this research in his personal capacity and not as part of his official duties at the Federal Housing Finance Agency. The analysis and conclusions are those of the authors alone and should not be represented or interpreted as conveying an official Federal Housing Finance Agency position, policy, analysis, opinion or endorsement. Any errors or omissions are the sole responsibility of the authors.
K.A.J., J.F, T.K. and W.D.L. have no competing interests. O.W., P.B., C.S. and A.S. have an interest in or are employed by Fathom, a flood analytics company based in the United Kingdom.
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Johnson, K.A., Wing, O.E.J., Bates, P.D. et al. A benefit–cost analysis of floodplain land acquisition for US flood damage reduction. Nat Sustain 3, 56–62 (2020). https://doi.org/10.1038/s41893-019-0437-5