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With Hurricane Bud expected to make landfall in California this week, taxpayers are bracing for the devastating impact of natural disasters that come with the summer and fall seasons. From hurricanes to earthquakes to wildfires, taxpayers pay a great deal for.
Over the last decade, the federal government has spent $350 billion on these catastrophes, with costs expected to reach $35 billion annually by 2050, according to the Center for American Progress. Recent natural disasters — including Hurricane Irma, Hurricane Maria and the wildfires in Northern California — left millions of residents emptying out their, in need of disaster assistance and cities in dire need of repair, putting a great deal of pressure on the wallets of .
Tax reform is squeezing charitable giving
With a higher bar to deduct donations, the numbers of both new donors and total donors fell in 2018's first quarterThe tax reform law that President Donald Trump championed doubled the standard deduction that taxpayers could take on their taxes, raising it to $12,000 for individuals, $18,000 for heads of household and $24,000 for married couples filing jointly and surviving spouses. According to the Tax Policy Center, the law will slash the number of people who itemize their charitable contributions by more than half to 16 million, the vast majority of whom are high earners.
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Cost of Hurricane Disasters
The 2017 hurricane season was the most expensive in U.S. history. But the 2005 Atlantic hurricane season was nearly as devastating, with five hurricanes and two tropical storms making landfall in the United States. And some states, like Florida, required billions of dollars in aid.
For example, the Federal Emergency Management Agency (FEMA) provided $2.7 billion in aid between 2005 and 2015 to Florida alone, according to a report from the Center for American Progress Action Fund. Experts predict that rising sea levels in the Southeast will trigger even more hurricanes and violent storms as climate change takes its toll on planet Earth, making the state of Florida more vulnerable to natural disasters as time goes by.
New Tax Laws Have Home Buyers Checking New Places
The new cap on deductions for taxes, including on property, have people looking for deals outside high-tax states.While it’s too early to quantify the impact of the Tax Cuts and Jobs Act, which became effective on Jan. 1, some real-estate professionals say they are beginning to see early signs of an exodus to low-tax states.
Otherin recent years include:
- Hurricane Harvey: The National Oceanic and Atmospheric Administration (NOAA) estimates Harvey to be among the costliest weather disaster in the United States to date, reaching $126.3 billion as of June 2018.
- Hurricane Matthew: Hurricane Matthew, which barreled along the Southeast coast in October 2016, caused widespread damage along the coast of Florida all the way to North Carolina. Eastern North Carolina experienced the most impact as 100,000 homes, businesses and other structures sustained damage. The total cost of Matthew’s visit was approximately $10.5 billion, according to the NOAA).
- Hurricane Wilma: FEMA responded to 17 extreme weather events in Florida between 2005 and 2015, with Hurricane Wilma requiring more than $1.8 billion in FEMA aid alone.
Cost of Earthquake Disaster Recovery
Earthquakes cost the U.S. a pretty penny, as well. But the 1994 Northridge earthquake in Southern California was the costliest earthquake in U.S. history with an estimated $44 billion in property damage, according to the Insurance Information Institute.
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More recent earthquakes that struck Napa, Vallejo, Solano, Sonoma and American Canyon in 2014 cost an estimated $700 million, while the earthquakes of April 2010 in California and Arizona cost $150 million.
The recent earthquakes in Mexico was estimated to cost $2 billion — and as much as $4 billion, according to Barron’s. And the magnitude of damage to cultural sites, homes and businesses prompted many Americans to donate money to assist with reconstruction and repairs.
For example, Facebook donated $1 million to help victims of the earthquake in Mexico, and billionaire Carlos Slim donated $110 million for disaster recovery efforts. Celebrities Shawn Mendes and Salma Hayek donated $100,000 each and also kicked off crowdfunding efforts to raise more.
Cost of Extreme Flooding Recovery Efforts
Climate change is also to blame for many of the heavy rains and extreme flooding that several states — including Texas and Louisiana — have experienced in recent years. While some regions across the country are more prone to heavy rains and flooding, climate change only exacerbates the problem, according to scientists and researchers at NOAA’s Geophysical Fluid Dynamics Laboratory.
Could another El Niño tamp down hurricane season?
El Niño oftens means a milder Atlantic hurricane season — but worse winter storms in the South.The National Weather Service on Thursday issued an El Niño watch for next fall and winter, raising the prospects for cooler, wetter weather across most of the United States and a significantly milder late hurricane season.
The estimated costs of recent flooding across the U.S. include:
- Missouri and Arkansas, May 2017: $1.7 billion
- California, February 2017: $1.5 billion
- Houston, April 2016: $2.8 billion
Torrential rains in Louisiana in August 2016 caused catastrophic inland flash flooding, and more than a half-dozen rivers in southeast Louisiana had record river flooding. The total economic losses of these floods were $10 billion to $15 billion, according to the Global Catastrophe Recap report by Aon Benfield of Impact Forecasting.
Winter Is Coming:
Because the state couldn’t afford to cover disaster recovery efforts on its own, Gov. John Bel Edwards had to request a $2 billion bailout package, and the federal government pledged to cover 90 percent of FEMA costs — states usually pay back 25 percent of FEMA costs — funds that would likely come from taxpayers.
Cost of Tornadoes
High winds and tornadoes that made their way across Iowa, Nebraska and Illinois in the summer of 2017 caused extensive destruction, amounting to more than $1 billion in economic costs, according to NOAA.
The upper Midwest states also endured severe hailstorms in 2017 that left many buildings and vehicles damaged. The cost of that hail and wind damage came to over $2 billion. Meanwhile, the tornado outbreak and wind damage that affected Midwestern states in March 2017, leaving more than 1 million customers in Michigan alone without power, cost more than $2 billion.
Obama Presidential Center to cost taxpayers nearly $200M: report
Public works projects around the Obama Presidential Center in Chicago could cost Illinois taxpayers nearly $200 million, the Washington Examiner reported Saturday. Illinois approved a $224 million legislature budget earlier this month that included $174 million for road work near the presidential center and $50 million for the Garfield Gateway rail project two miles away, the report said. About $200 million of that total budget would come from state taxpayers. Half of the $50 million is funded through a 2016 Transportation Department grant.The presidential center would sit in Chicago’s South Side neighborhood.
To protect your assets and finances from natural disasters like tornadoes, many experts recommend.
Cost of Wildfires
Wildfires that scorched Northwestern states last year were exacerbated by the extreme drought conditions plaguing the West Coast, according to the National Centers for Environmental Information.
Montana and California experienced some of the most severe events with damage to hundreds of homes and millions of acres of land. According to the NOAA, the total damage through summer and fall 2017 was an estimated $18.2 billion. According to Accuweather, the economic cost of the fatal October 2017 wildfires in Northern California was predicted to be at least $85 billion, the most expensive wildfire in U.S. history.
According to a 2015 report from the U.S. Department of Agriculture, more than 50 percent of the Forest Service’s annual budget is now dedicated to wildfire management. This is a significant increase from 1995, when fighting fires made up 16 percent of the budget. And costs continue to escalate.
The 10 largest fires cost more than $320 million to fight in 2014, and the cost of fire suppression is expected to reach nearly $1.8 billion by 2025, when $2 of every $3 given to the Forest Service by Congress will be spent on fire programs.
Cost of Droughts
Droughts that persist for more than a few years can be especially damaging to crops and cause the deaths of trees that have been growing in forests for decades.
More than 100 million trees perished and then became safety hazards during the drought in California in 2016, according to NOAA. Stressed water supplies in the Northeast and Southeast from extreme droughts there had a significant impact on the agricultural industry.
Heavy rain to bring flood risk, travel disruptions to eastern Texas this week
Multiple days of frequent, heavy downpours are in store for eastern Texas this week, heightening the risk of flooding and travel disruptions across the region.Multiple days of frequent, heavy downpours are in store for eastern Texas this week, heightening the risk of flooding and travel disruptions across the region.
The total economic cost of destruction from 2016 droughts was approximately $3.6 billion.
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