$1 spent on climate resilience = $13 in
economic savings, damages, and cleanup costs
Every $1 spent on climate resilience and preparedness saves
communities $13 in damages, cleanup costs and economic impact,
according to a new economic study by Allstate, the U.S. Chamber of
Commerce and the U.S. Chamber of Commerce Foundation.
The study, “The Preparedness Payoff,” models 25 disaster
scenarios ranging in damage and cleanup costs from $1 billion to
$130 billion in communities across the country. Each model revealed
substantial economic savings resulting from upfront investment in
disaster resiliency programs and resources, preserving millions of
jobs and household incomes, reducing the number of people displaced
from their homes and maintaining production to help local economies
rebound faster. On average, for every $1 spent on resilience,
communities save $7 on economic costs alone.
With weather-related catastrophes increasing in frequency and
severity and billion-dollar disasters now the norm, it’s essential
for government, businesses and households to invest in resilience
for communities to prosper. In 2022 alone, the cost of natural
disasters exceeded $360 billion across the globe, including more
than 40 weather events causing over $1 billion in damage.
“Each scenario we modeled demonstrates that investing in
resilience has remarkable benefits for communities,” said Marty
Durbin, Senior Vice President, Policy at the U.S. Chamber of
Commerce. “This important study helps identify opportunities to
reduce the economic costs of natural disasters, including job loss,
lost income, reduced economic activity, and loss of workforce.”
The study found that if a large city invests $10.8 billion in
resilience and preparedness before a Category 4 hurricane, that
city would save 184,000 jobs, $26 billion in GDP and $17 billion in
earned income for residents. If the city didn’t make those
investments, it would lose 361,000 jobs, $46 billion in GDP and $29
billion in earned income for residents.
In addition, communities see gains from preparedness even if a
disaster doesn’t hit. In the scenario above, the city would create
more than 126,000 jobs, increase production by close to $13 billion
and grow income by more than $8.5 billion.
“The economic benefits of investing in resilience are clear.
It’s also essential to the availability and affordability of
insurance for years to come,” said Elliot Stultz, Chief
Sustainability Officer at Allstate. “As communities struggle with
the impacts of more frequent, severe weather, investments in
resilience today can empower them to prosper.”
Here are a few examples of resiliency investments that
communities, businesses and families can make:
- Green infrastructure to manage stormwater runoff and protect
floodplains.
- Wetlands restoration to allow natural areas to store excess
water.
- Barrier walls, floodgates, and levees to prevent floodwaters
from harming structures.
- Enhanced evacuation routes for floods or hurricanes.
- Structural improvements and accessibility updates to homes and
businesses.
- Elevated electrical systems and appliances above potential
flood levels.
- Flood barriers, sump pumps, and backflow valves.
- Removal of flammable materials near homes.
- Fire-resistant roofing or landscaping.
“It’s critical that government and business decision makers at
every level understand how such investments can improve the safety
and strengthen the resiliency of their communities,” said Marc
DeCourcey, Senior Vice President at the U.S. Chamber of Commerce
Foundation.
Methodology
Seven types of natural disasters were analyzed to determine the
economic impact of resilience and preparedness measures:
Hurricanes, large storms, earthquakes, tornadoes, floods,
wildfires, and droughts and heatwaves. A variety of methods were
used to calculate the destruction caused by these disasters and
their economic impacts. For detailed information, see the
Methodology section.
Supporting Communities and Small Businesses
This study is the first new research produced jointly by the
U.S. Chamber of Commerce, Allstate and the U.S. Chamber of Commerce
Foundation to strengthen community resilience to increasingly
severe weather.
The partnership builds on Allstate’s work to strengthen
communities to empower people so they can thrive and the U.S.
Chamber and Chamber Foundation’s disaster response and resiliency
solutions, which include training and resources to help businesses
and communities prepare for and recover from disasters.
About the U.S. Chamber of Commerce
The U.S. Chamber of Commerce is the world’s largest business
organization representing companies of all sizes across every
sector of the economy. Our members range from the small businesses
and local chambers of commerce that line the Main Streets of
America to leading industry associations and large
corporations.
They all share one thing: They count on the U.S. Chamber to be
their voice in Washington, across the country, and around the
world. For more than 100 years, we have advocated for pro-business
policies that help businesses create jobs and grow our economy.
About Allstate
The Allstate Corporation (NYSE: ALL) protects people from life’s
uncertainties with a circle of protection including cars, homes,
electronic devices, benefits and identity theft. Products are
available through a broad distribution network including Allstate
agents, independent agents, major retailers, online, and at the
workplace. Allstate is famous for the slogan You’re in Good Hands
with Allstate®.
About the U.S. Chamber of Commerce Foundation
The U.S. Chamber of Commerce Foundation harnesses the power of
business to create solutions for the good of America and the world.
We anticipate, develop, and deploy solutions to challenges facing
communities—today and tomorrow.
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version on businesswire.com: https://www.businesswire.com/news/home/20240625577073/en/
Mallory Vasquez Allstate Mvas9@allstate.com (847) 309-7546
Lindsay Cates U.S. Chamber of Commerce LCates@uschamber.com
(202) 897-8515
Yagmur Cosar U.S. Chamber of Commerce Foundation
YCosar@USChamber.com (202) 770-9828
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