Articles | Volume 20, issue 3
https://doi.org/10.5194/nhess-20-907-2020
https://doi.org/10.5194/nhess-20-907-2020
Research article
 | 
01 Apr 2020
Research article |  | 01 Apr 2020

Exposure of real estate properties to the 2018 Hurricane Florence flooding

Marco Tedesco, Steven McAlpine, and Jeremy R. Porter

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Cited articles

Ashley, W. S. and Strader, S. M.: Recipe for disaster: How the dynamic ingredients of risk and exposure are changing the tornado disaster landscape, B. Am. Meteorol. Soc., 97, 767–786, 2016. 
Bernstein, A., Gustafson, M. and Lewis, R.: Disaster on the Horizon: The Price Effect of Sea Level Rise, J. Financ. Econ., Forthcoming (as of June 2019), https://doi.org/10.2139/ssrn.3073842, 2019. 
Bin, O., Crawford, T., Kruse, J., and Landry, C.: Viewscapes and Flood Hazard: Coastal Housing Market Response to Amenities and Risk, Land Econ., 84, 434–448, 2008. 
Bin, O., Poulter, B., Dumas, C. F., and Whitehead, J. C.: Measuring the impact of sea level rise on coastal real estate: a hedonic property model approach, J. Reg. Sci., 51, 751–767, 2011. 
Borenstein, S. and Fingerhut, H.: Most Americans see weather disasters worsening, AP-NORC Poll, 5 September 2019. 
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Short summary
Quantifying the exposure of house property to extreme weather events is crucial to study their impact on economy. Here, we show that value of property exposed to Hurricane Florence in September 2018 was USD 52 billion vs. USD 10 billion that would have occurred at the beginning of the 19th century due to urban expansion that increased after 1950s and the increasing number of houses built near water, showing the importance of accounting for the distribution of new buildings in risk and exposure.
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