The geography of risk Epic storms, rising seas, and the cost of America's coasts

Gilbert M. Gaul

Book - 2019

The costliest hurricanes in U.S. history have all occurred in the past two decades--but who bears the financial brunt of these monster storms? It is no accident that five of the most destructive hurricanes in the last hundred years have made landfall since 2005: Katrina ($161 billion), Ike ($40 billion), Sandy ($71 billion), Harvey ($125 billion), and Maria ($90 billion). And with more property than ever in harm's way, the seas rising, and the planet and its oceans warming dangerously, it won't be long before we see a $250 billion storm. Why? Because Americans have built $3 trillion worth of property in some of the riskiest places on earth: barrier islands and coastal floodplains prone to hurricanes and epic floods. And they have ...been encouraged to do so by what Gilbert M. Gaul reveals in The Geography of Risk to be a confounding array of federal subsidies, tax breaks, low-interest loans, disaster recovery grants, and government flood insurance programs that shift risk at the beach from private investors to public taxpayers, radically distorting common notions of risk and responsibility. Consider: In 1955, taxpayers covered just 5 percent of the cost of rebuilding after hurricanes. They now pay for 70 percent--sometimes more. These federal incentives, the two-time Pulitzer Prize-winning author Gaul argues, have resulted in one of the worst planning failures in American history, with the cost to taxpayers now reaching unsustainable levels. In prose that is at once deeply informed, clear, and entertaining, Gaul explores the history of the modern coast and how, over time, federal taxpayers far from the shoreline have become responsible for a shocking collection of coastal amenities and infrastructure: new roads, bridges, utilities, and streetlights; tennis courts, marinas, and gazebos; food, cars--even paying billions to widen the beaches of hedge fund owners. The Geography of Risk will forever change the way you think about the coasts, from the clash between economic interests and nature to the heated politics of regulators and developers. -- Dust jacket flap.

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Subjects
Published
New York : Sarah Crichton Books/Farrar, Straus and Giroux 2019.
Language
English
Main Author
Gilbert M. Gaul (author)
Edition
First edition
Physical Description
286 pages : illustrations, maps ; 24 cm
Bibliography
Includes bibliographical references (pages 256-271) and index.
ISBN
9780374160807
  • Introduction: The Old Man and the Sea
  • Part I. Building the Modern Coast
  • Troubled Waters
  • 1. The Deal of the Century
  • 2. Blue-Collar Houses
  • 3. Manufacturing Dirt
  • 4. Five-High: The Ash Wednesday Storm of 1962
  • Part II. The Political Economy of Water
  • 5. The Bantam Mayor
  • 6. A Brief Shining Moment
  • 7. The Revolt at St. Francis
  • 8. Tipping Point
  • Part III. Disaster Capitalism: Catastrophes, Subsidies, and Bailouts
  • Acts of God and Man
  • 9. Federalizing Disasters
  • 10. A Flood of Trouble
  • 11. The Secret History of Sand
  • 12. The Unluckiest Island in America
  • Part IV. The Coming Storm: Fat Tails, Rising Water, and the Nature of Risk
  • 13. Building a Better Hurricane
  • 14. A Finger in the Dike
  • 15. Drowning Fast and Slow
  • 16. The Problem with the Bays
  • Epilogue: The Future Is Now
  • Sources
  • Acknowledgments
  • Index
Review by Library Journal Review

Pulitzer Prize-winning journalist Gaul (Billion-Dollar Ball) writes about the increasing cost of maintaining and rebuilding U.S. coastal cities after events such as hurricanes, tropical storms, or even heavier-than-normal rainstorms. Touching on places in Florida, Louisiana, and the Carolinas but using New Jersey as the paradigm, the author traces the rise of city development in some of the riskiest areas: barrier islands and other ocean-front arenas. Using an array of sources from governmental studies to newspaper accounts to expert interviews, Gaul follows how developers, local politicians, homeowners, and the federal government have created an unending and unsustainable cycle of rebuilding. With sea levels expected to rise even more over the coming decades, stronger storms an ever-increasing reality, and taxpayers footing more and more of the rebuilding costs, Gaul's work provides a sobering historical and present-day account on a seemingly never-ending cycle. VERDICT Thoughtfully written, minutely researched, and eminently readable, this sobering analysis seeks to make people start asking questions about the viability of building on the coasts in an era of climate change.--Laura Hiatt, Fort Collins, CO

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Review by Kirkus Book Review

A Pulitzer Prize-winning journalist outlines an impending catastrophe as seawaters rise and homes, towns, and cities go under the waves.Gaul (Billion-Dollar Ball: A Journey Through the Big-Money Culture of College Football, 2015, etc.) opens with a depressing portrait: A Duke University coastal geologist named Orrin Pilkey sounds an alarm that the barrier islands of North Carolina are disappearing to rising ocean levels, decrying developers' "madness and hubris of unbelievable proportions"; for his troubles, his life work is trashed as "insulting, uninformed and radical" by the government of a beach town that's in line to drown. The back and forth is likely to continue even as nothing is doneand even if some $3 trillion of property is at risk of being destroyed in catastrophic storms such as the ones that visited the North Carolina coast in 2018. Municipalities seem unmoved, perhaps because so much of the money paid out for storm damage comes from the federal governmentand, as Gaul notes, while the feds paid for just 5% of the damage half a century ago, it's now shelling out 70%. There has always been big money to be made in beach development, he writes. On the southern beaches of New Jersey, one entrepreneur turned a $50,000 land investment into millions, and a century later, that investment has appreciated 530-fold. In Florida, Henry Flagler, an associate of John D. Rockefeller, built tourist hotels in Daytona, Palm Beach, and Miami, launching a boom in visitation and setting a course for the state's modern development. The result, now, is hundreds of thousands of expensive structures that are just waiting to crumbleand, as Gaul notes, hurricanes are intensifying as "storms explode in size and power in a matter of days or even hours in the warmer, favorable conditions in the Atlantic and the Gulf of Mexico."Climate-change deniers will doubtless dismiss the waters lapping at their ankles, but coast dwellers will want to give this book their urgent attention. Copyright Kirkus Reviews, used with permission.

Copyright (c) Kirkus Reviews, used with permission.