March 22, 2024 | Financial Times

As communities like Manville, New Jersey, grapple with the aftermath of Hurricane Ida, the Financial Times explores the growing struggles of residents and officials in dealing with floods, shedding light on the tangled issues of climate change, insurance costs, and the need for updated flood protection measures. The Financial Times’ reporter Peter Barber spoke to Blue Acres participant Faisal Mairaj about his experience during and after Hurricane Ida.

Mr. Mairaj recounts the devastation: “There was over 6 feet of water in the house.” However, with support from NJDEP’s Blue Acres program, Mairaj found a solution. Recognizing the escalating risks, he opted to sell his property to Blue Acres. “It doesn’t make sense for these type of properties to remain because it’s only getting worse,” Mairaj said.

“Shawn LaTourette, commissioner of NJDEP, believes the problem is both climate change and bad water management. ‘We’ve been using out-of-date rainfall predictions in our building standards so our stormwater features are not large enough,‘ he points out.” Peter Barber for Financial Times

Blue Acres, dedicated to acquiring and demolishing flood-prone properties, aims to create vital open space as a protective buffer for flood storage.  Meanwhile, as FEMA transitions to a risk-based pricing model, premiums are on the rise. Last year, the US Government Accountability Office cautioned of impending affordability challenges, forecasting a potential doubling of median annual premiums from $689 in 2022 to $1,288 to adequately address the escalating risks.

Read the full story here!