Estimating the potential risks of sea level rise for public and prvate property qwnership, occupation and management

• Published in: Risks (Basel) 2018, Vol.6 (2), p.1-21
• Main Authors: Warren-Myers, Georgia, Aschwanden, Gideon, Fuerst, Franz, Krause, Andy
• Format: Article
• Language: English
• Subjects: climate change; management; property; property stakeholders; real estate; risk assessment; sea level rise
• ISSN: 2227-9091; 2227-9091
• DOI: 10.3390/risks6020037

The estimation of future sea level rise (SLR) is a major concern for cities near coastlines and river systems. Despite this, current modelling underestimates the future risks of SLR to property. Direct risks posed to property include inundation, loss of physical property and associated economic and social costs. It is also crucial to consider the risks that emerge from scenarios after SLR. These may produce one-off or periodic events that will inflict physical, economic and social implications, and direct, indirect and consequential losses. Using a case study approach, this paper combines various forms of data to examine the implications of future SLR to further understand the potential risks. The research indicates that the financial implications for local government will be loss of rates associated with total property loss and declines in value. The challenges identified are not specific to this research. Other municipalities worldwide experience similar barriers (i.e., financial implications, coastal planning predicaments, data paucity, knowledge and capacity, and legal and political challenges). This research highlights the need for private and public stakeholders to co-develop and implement strategies to mitigate and adapt property to withstand the future challenges of climate change and SLR.