Flood risk is rising across the Eastern and Southern states from extreme rainfall, hurricanes, and sea level rise, according to a new report by Moody’s Ratings.
The increasing flooding hazard poses “significant credit challenges” that include rising property insurance rates, falling property values, “and the need for extensive investment in climate adaptation infrastructure,” the report states.
Aging transportation infrastructure that was not built for these conditions exacerbates the risk, according to the report.
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Many residential and commercial properties in high-flood risk areas also