One part of my business is designing engineering controls to protect people from flooding (an easy example is floodwalls or dams) – speaking to Con. In the early part of a project we define a “design storm.” For example, a 100-year? A 500-year? Obviously, it will cost much more to design something protective of a 500-yr flood than a 100-year flood (btw, these happen much more frequently now than every 100-or 500-years, thanks to climate change).
So someone can only afford that I build something for a 100-year flood, the next week, the 110-year flood happens, guess what, the protected neighborhood floods. People make an investment decision on the level of protection that they want and their is risk regardless of the level of investment is made (e.g. build for 500-year, doesnt mean that the 510-year flood doesnt happen the next week, it is just reduced risk). Read the rest of this entry »