Flood Insurance Rates Need to Rise, Study Says
Flood insurance rates would need to more than quadruple in order to fully cover the risk posed to the most flood-prone homes, and the government’s stated solution to the problem may cause rates to skyrocket even more.
Nearly 4.3 million homes in the U.S. are at risk of a combined $20 billion in property damage due to flooding, according to an analysis released by nonprofit research group First Street Foundation Monday. Wait 30 years, and the likely effects of climate change push the total clean-up bill for those properties to $32.2 billion, a 61% jump..
17,000 earthquakes hit Iceland in the past week. An eruption could be imminent
Even for a volcanic island accustomed to the occasional tremor, this has been an unusual week for Iceland. According to the Icelandic Meteorological Office, around 17,000 earthquakes have hit the southwestern region of Reykjanes over the past week.
The largest quake, a magnitude 5.6 on the Richter scale, occurred on the morning of February 24. It was the loudest in a swarm that continues to rattle residents in the nearby capital city of Reykjavík and the municipalities around it, where two-thirds of the Icelandic population lives. Two larger earthquakes — over magnitude 5.0 — also hit on February 27 and March 1.
The quakes have caused little damage so far, though Iceland’s Road and Coastal Administration has reported small cracks in roads in the area and rockfalls on steep slopes near the epicenter of the swarm.
“I have experienced earthquakes before but never so many in a row,” Reykjavik resident Auður Alfa Ólafsdóttir told CNN. “It is very unusual to feel the Earth shake 24 hours a day for a whole week. It makes you feel very small and powerless against nature.”…