Flooding — which has gotten increasingly severe in an era of extreme weather — costs the U.S. economy an estimated $179.8 to $496 billion per year in 2023 dollars, according to new data from Democrats on the Senate Joint Economic Committee.
Why it matters: The estimates are the equivalent of over 1% of 2023's gross domestic product, the report notes. It sheds light on a worsening problem for the insurance industry, as well as businesses and homeowners across the country.
