Citation
Curran-Groome, William; Haygood, Hallee; Hino, Miyuki; BenDor, Todd K.; & Salvesen, David (2021). Assessing the Full Costs of Floodplain Buyouts. Climatic Change, 168(1-2), 3. PMCID: PMC8439368Abstract
Given projected increases in flood damages, managed retreat strategies are likely to become more widespread. Voluntary buyouts, where governments acquire flood-damaged properties and return the sites to open space, have been the primary form of federally funded retreat in the USA to date. However, little attention has been paid to the cost structure of buyout projects. Using a transaction cost framework, we analyze the costs of activities that comprise floodplain buyouts. Federal data do not distinguish transaction costs, but they do suggest that the cost of purchasing properties often accounts for 80% or less of total project costs. Through a systematic review (nā=ā1103 publications) and an analysis of government budgets (across nā=ā859 jurisdiction-years), we find limited sources with relevant cost information, none of which reports transaction costs. The absence of activity-level cost data inhibits more targeted policy reform to support community-driven and efficient buyout programs. Better data collection and reporting can inform more impactful and equitable buyout policy.URL
http://dx.doi.org/10.1007/s10584-021-03178-xReference Type
Journal ArticleYear Published
2021Journal Title
Climatic ChangeAuthor(s)
Curran-Groome, WilliamHaygood, Hallee
Hino, Miyuki
BenDor, Todd K.
Salvesen, David