Roger Pielke Jr: We know that as climate changes, the impacts are getting worse. We’re seeing more and more flooding going on as a result.
Everybody knows this — it is conventional wisdom.
Not only is the conventional wisdom on flooding wrong, data show that flood impacts as measured by direct economic losses have actually decreased by about 90% since 1940 as a proportion of U.S. GDP. The United States is in fact more resilient to flooding than it has ever been. The reduction in flood impacts is an incredible story of success sitting out in plain sight that is completely ignored, in favor of stories that instead tell us that down is up.
The figure below shows U.S. annual flood damage as a proportion of GDP. In 1940 flood losses amounted to a 2023 equivalent of about $50 billion per year, and in 2022 they totaled about $5 billion, a reduction of over 90%.1



