Expected annual economic losses from most types of damage caused by hurricane winds and storm-related flooding total $54 billion—$34 billion in losses to households, $9 billion to commercial businesses, and $12 billion to the public sector.
Disaster Preparation and Relief
The share of international affairs funding that was provided outside of agencies’ base budget for ongoing activities—that is, “nonbase” funding—increased markedly from 2014 to 2017, mostly for overseas contingency operations.
CBO analyzes how the Defense Department’s (DoD’s) funding for military conflicts has changed over time and how the separate budgetary treatment of that funding affects perceptions of DoD’s spending and the anticipated costs of DoD’s plans.
CBO finds that premiums collected by the National Flood Insurance Program for policies in effect in August 2016 fell short of the program’s expected costs by $1.4 billion, mainly because of shortfalls in coastal counties.
How much will hurricane damage increase in coming years because of climate change and coastal development? This report examines the implications for the federal budget and three approaches for decreasing the pressure for federal spending.