Brady Dennis, writing for the “Washington Post” reports that the U.S. National Flood Insurance Program (NFIP) is struggling partly because of the large number of “severe repetitive loss property” flooding cases that occur year after year.
Consequently, the NFIP is nearly $25 billion in the red and the administrator Roy Wright sees no way to pay back the shortfall. Time has run out for Congress to deal with the issue. Allowing the NFIP program to lapse would disrupt the housing market in areas at risk to flooding across the country. High risk areas include the Gulf Coast and the Atlantic Coast as well.
New smart and compassionate polices need to be created collaboratively with the private sector that address flooding risk, infrastructure resilience and de-incentivize bad behavior, i.e. rebuilding in flooded areas.
Thought leaders are are taking note of the challenge. In the next few months a new PPP Center for Resilient infrastructure will be created in Louisiana that will address these very issues. To read more about the center follow the link - www.ippprc.com