Washington, D.C.—Today, Senator Martin Heinrich (D-NM), Chairman of the U.S. Congress Joint Economic Committee (JEC), released a report authored by the JEC Democratic Majority staff, finding that flooding costs the United States between $179.8 and $496.0 billion per year in economic costs and damages – a number much higher than existing estimates, and one that is increasing due to the impacts of climate change.
This new estimate pulls from calculations done by Majority staff and existing research on related costs like damage to infrastructure, lost economic output, and damage to homes, among other costs.
“Communities in New Mexico and across the country feel the economic impacts of flooding directly. This report helps quantify the magnitude of that impact and the urgent need for climate mitigation and resilience efforts to help reduce it,” said JEC Chairman Martin Heinrich. “Democrats have made vital investments to strengthen our infrastructure and lessen climate-exacerbated disasters, but more action is needed still.”
A recent study found that every dollar invested in flood protection saves up to $318 in damages, and adaptation measures can prevent job losses and increase employment growth. The JEC report argues that by investing in climate resilience efforts, the federal government will save money long-term while minimizing the harmful effects of flooding on people’s health, well-being, and finances.
The full report can be found online here.
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About Chairman Martin Heinrich
U.S. Senator Martin Heinrich has served the people of New Mexico in the United States Senate since 2012. In addition to his role as Chairman of the U.S. Congress Joint Economic Committee, Heinrich also serves as Chairman of the Subcommittee on Agriculture, Rural Development, and Food and Drug Administration on the Senate Appropriations Committee, and as a member of the Senate Energy and Natural Resources Committee and the Senate Select Committee on Intelligence. Prior to his election to the U.S. Senate, Heinrich served two terms in the U.S. House of Representatives, four years as an Albuquerque City Councilor, as New Mexico’s Natural Resources Trustee, and in AmeriCorps with the U.S. Fish and Wildlife Service.
About the U.S. Congress Joint Economic Committee
The U.S. Congress Joint Economic Committee is Congress’s bicameral economic think tank. It was created when Congress passed the Employment Act of 1946. Under this Act, Congress established two advisory panels: the President's Council of Economic Advisers (CEA) and the JEC. Their primary tasks are to review economic conditions and to recommend improvements in economic policy. Chairmanship of the JEC alternates between the Senate and House every Congress.
