Socioeconomic Effects of the National Flood Insurance Program
This Brief presents a benefit-cost analysis of the National Flood Insurance Program (NFIP) as well as an evaluation of its cumulative socioeconomic effects. Created by Congress in 1968, the NFIP provides flood insurance protection to property owners, in r
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James P. Howard, II
Socioeconomic Effects of the National Flood Insurance Program 123
SpringerBriefs in Political Science
More information about this series at http://www.springer.com/series/8871
James P. Howard, II
Socioeconomic Effects of the National Flood Insurance Program
123
James P. Howard, II Columbia, MD, USA
ISSN 2191-5466 ISSN 2191-5474 (electronic) SpringerBriefs in Political Science ISBN 978-3-319-29062-1 ISBN 978-3-319-29063-8 (eBook) DOI 10.1007/978-3-319-29063-8 Library of Congress Control Number: 2016937005 © Springer International Publishing Switzerland 2016 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. Printed on acid-free paper This Springer imprint is published by Springer Nature The registered company is Springer International Publishing AG Switzerland
For Nina, Chase, and Beatrix
Foreword
Let a policy-oriented data scientist approach a problem of long standing and something new can happen. Socioeconomic Effects of the National Flood Insurance Program is the first synthesis of this government-run behemoth that insures from flood damages over 5 million people and 1 trillion dollars in property value. There is something in here for almost everyone interested in policy about flooding. • Government budget watchers can find how the program likely shifted half a billion dollars a year from the federal budget back onto beneficiaries, but at the same time, government policies keep the program from being self-sufficient when particularly large disasters strike such as Hurricanes Katrina and Sandy. • Consumer watch dogs and insurance and policy analysts can find new estimates of what homeowners in flood-prone areas think the program is actually worth. • Students of behavior can find the oddities of how people respond to a perennial risk and the geographic distribution of who pays in and who gets paid. • Those seeking efficiency in government can find quantitative estimates in a framework endorsed by presidential executive orders, a benefit-cost
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