How to Pay for Mitigation
The losses due to natural disasters in three of the last 15 years exceed $100 billion, and it’s getting more costly. While much of the existing risk could be cost effectively reduced by elevating, strengthening, removing buildings or by various other measures, the resources needed to do so greatly exceed the funds available from traditional public-sector mitigation budgets. We need a more sustainable way to address this issue.
The discussion panel will focus on how to pay for the mitigation activities through a public/private partnership. The ground-breaking white paper published by NIBS on Developing Pre-Disaster Resilience Based on Public and Private Incentivization calls for a layered cost-sharing approach among many of co-beneficiaries of resilience — owners, lenders, taxing authorities, and possibly others.
This panel will conduct this important conversation, bringing to the table policy, federal agency, lender, insurer, and market representatives. The goal is to initiate dialogue among different sectors, converging all the potential monetary incentives and ultimately increasing mitigation investment and activity.