22-Sep-2021 | Market Research Store
The Stanford University researchers have recently underlined proposed study elements that examine the possibility of the households that are unable to pay for damages over the coastal flooding measures by further revealing how the catastrophic rise in sea-level could lead to the texture of the Bay Area region over the next 40 years. Rather than waiting for uncertain measures for rise in sea-level projections, the team researched and produced results that could guide the policymakers to plan a well-constructed coastal flooding areas by addressing the pre-existing inequalities among the most vulnerable communities that are being addressed by the flood pertaining zones.
The team employed a methodology that takes into account socioeconomic data on neighborhood data of about 1,500 people and found a major cluster of the coastal communities are spread across San Mateo County, California that includes half the households in East Palo Alto. The team further integrates that these households are in need of huge financial damages that can be construed through the year 2060. While a majority of these households are covered by flood insurance, the residents in their current format of housing won’t be able to pay the damages arising from flooding which can lead to further homelessness or bankruptcy.
The team incorporated a new model known as Stanford Urban Risk Framework (SURF) that comprises of monetary damages and physical structure that uses human-centric approach to assess risk management by mostly focusing on residents who are likely to lose their livelihood when water truncates their homes. While every individual household is focused by projecting a certain level of flood damage, the socioeconomic context determines how harmful the pertaining costs are going to be. The team quotes that these costs are going to be more than 50% of their total income on average, which puts a majority of the households at a risk of declaring bankruptcy.
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