On the Frontlines: $129 Billion in Property At Risk From Flood Waters

Two years ago, Superstorm Sandy brought unparalleled devastation to New York City and forever exposed the risk posed by extreme weather to people and property in all five boroughs. A storm surge of over 9 feet swept into lower Manhattan as waves 10-feet high pummeled the Rockaways, and winds of 80 miles per hour swept across Staten Island.1 Floodwaters inundated 46 square miles of the City, including many neighborhoods that were not in flood zones as defined by the Federal Emergency Management Agency (FEMA). All told, Sandy cost the City an estimated $5.7 billion in lost gross city product and a further $14 billion in private and public damages.

As part of a process that began in 2010, the Federal Emergency Management Agency proposed new flood insurance rate maps (FIRMs) in 2013 that dramatically expand the number of people and buildings in the flood zone. Over 400,000 New Yorkers now reside in the proposed, high-risk flood zones.

Based on a first-of-its-kind analysis of the updated FEMA maps, the New York City Comptroller’s Office estimates that the value of property that lies within the 100-year floodplain is $129,139,514,673— an increase of more than 120 percent over previous maps.