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The federal government is providing Connecticut another $65 million for Superstorm Sandy recovery, bringing the state's total funding to $500 million.
That's a steep price tag for a storm that left behind billions of dollars in damage along the East Coast last October.
More than one year after Sandy and as recovery efforts continue, it's time Connecticut — and other coastline states — face the hard truths: shoreline living isn't for everyone; you can't rebuild everything that was lost; the increased risks posed by these weather events mean those living and working along the shore must bear a larger financial burden.
In recent years, Connecticut and the nation have been accruing significant expenses from meteorological events. Once-in-a-century storms have become all too common. Yet, there hasn't been a serious enough conversation about who should bear financial responsibility for storm damage along the shore.
For the most part, the federal government has acted as the payer of last resort, leveraging its deep basin of taxpayer resources to send billions of dollars in aid to areas suffering from all kinds of natural disasters. As more devastating weather events become the norm, this federal responsibility must be mitigated.
State and federal officials need to reduce risks of property damage from storms and transfer more of the financial burden to those who choose to live along the shoreline.
All too often after events like Sandy and Hurricane Katrina an emotional push is made to rebuild everything as it was. This is wrong.
Sandy exposed fundamental flaws— homes not protected in the flood plain, developments created for their scenic views rather than practicality — that need to be corrected.
Connecticut did take a bold step in understanding its vulnerabilities when the state last week unveiled a new $25 million loan program for shoreline businesses to flood-proof their buildings and residents to elevate their homes in flood prone areas.
The low-interest loan pool is an innovative idea, but in reality, is putting a Band-Aid over a potential gaping wound.
Frankly, shoreline living is a risk, and businesses and residents on Connecticut's shore need to understand that — and pay for it.
Shoreline properties are a hot commodity. The allure of waterfront views can't be easily overlooked. Asking property owners not to rebuild after disasters probably isn't realistic, even if it is the smart move.
As Hartford Business Journal reports this week, many Connecticut businesses and homeowners are outraged over skyrocketing flood insurance costs. Some residents and businesses near the shore or other bodies of water now face annual premiums as high as $10,000 or more.
The spike in costs is a result of a new federal law that, among other things, is phasing out federal flood insurance subsidies to bail the National Flood Insurance Program (NFIP) out of some $25 billion in debt incurred in the wake of Katrina and other recent natural disasters.
The huge cost increase will financially devastate businesses and homeowners. It is unfair they have to shoulder this burden all of the sudden. But long-term, higher flood insurance rates may be the most logical way to leave shoreline development only to those most capable of financing the risks.
That may be the state's, and country's best defense to Mother Nature's unpredictable and sometimes devastating offense.
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Read HereThis special edition informs and connects businesses with nonprofit organizations that are aligned with what they care about. Each nonprofit profile provides a crisp snapshot of the organization’s mission, goals, area of service, giving and volunteer opportunities and board leadership.
Hartford Business Journal provides the top coverage of news, trends, data, politics and personalities of the area’s business community. Get the news and information you need from the award-winning writers at HBJ. Don’t miss out - subscribe today.
Delivering Vital Marketplace Content and Context to Senior Decision Makers Throughout Greater Hartford and the State ... All Year Long!
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