Financing Adaptation to Climate-Induced Retreat from Coastal Inundation and Erosion
AbstractClimate projections suggest increased inundation and erosion of beachfront property on the east coast of Australia over the coming century. Protective measures and accommodation to the effects of flooding offer initial lines of defence, but managed retreat will ultimately be required for some property owners. Current and disaster management frameworks offer little policy guidance on who should pay for retreat, or how. Ordinary insurance, catastrophe insurance, group risk insurance, catastrophe bonds and reverse mortgages offer potential solutions, but are ultimately flawed. This paper examines an innovative proposal in the form of mortgage contingent loans which could minimise government involvement, and therefore the risk to taxpayers.
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Bibliographic InfoPaper provided by Centre for Climate Economics & Policy, Crawford School of Public Policy, The Australian National University in its series CCEP Working Papers with number 1113.
Date of creation: Sep 2011
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Find related papers by JEL classification:
- H23 - Public Economics - - Taxation, Subsidies, and Revenue - - - Externalities; Redistributive Effects; Environmental Taxes and Subsidies
- Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters
- R38 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Government Policy
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"The Economics of Natural Disasters - A Survey,"
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