Drought Damage’s Recovery Problem
The length and severity of droughts around the world has picked up in the last four decades. The trend has created alarming effects.
Carbon Brief reports “Multi-year” droughts – those lasting at least two years and for as long as decades – can have dramatic impacts on nature and societies. These long-lasting events can deplete soil moisture and leave rivers, lakes and reservoirs parched. This, in turn, can result in “devastating impacts”, such as massive crop failures, tree mortality or reduced water supply, according to the study.
*Fire’s Problem
*LA Wildfire Costs At $275 Billion
The study focused on droughts in the U.S, Chile, and Australia.
The bad news could not be better timed, as wildfires ravage the around Los Angeles at a level that will cause tens of billions of dollars in property description. The long term effects will be terrible. Thousands of people will need to find new places to live, which they may not be able to afford. Parts of the region’s infrastructure has been destroyed.
Trying To Rebuild
The most damaging financial effect is the ripples from the insurance industry. Many homes that were destroyed were not insured at all or the coverage was limited. In many cases, owners will lose 100% of their net worth.
The real estate market in the area will not recover for years. As it does, it will be impossible for potential residents to get new insurance. They will either need to live elsewhere, or risk another total real estate loss.
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