This post is an update to my post on Coastal Engineering and the impacts of sea level rise on the Atlantic Coast.
A recent article from ASCE’s Smartbrief service says that Florida has allowed development along the coast to increase despite risks of sea level rise. The authors also introduce the concept of abandoned versus protected coastal properties, assuming that much of the developed land in places such as Miami will be shielded by Coastal Engineering projects.
There is a known risk (known since 1980, as pointed out in the article) that sea levels are likely to change. Current policies assume that they can be fixed, but this is only true if huge sums of money are involved.
One of the issues it raises is who will be paying for these engineered structures. The people who benefit most from preserving existing property rights will obviously be the property owners themselves. But the costs are so high that taxpayers from all over the country will probably be asked to chip in. This makes the coastal development activities of Florida and similar states irresponsible.
As sea levels rise during the next few decades, get ready for the biggest bailout in history.