Coastal flooding: Another threat to Kerala and global growth
Live MintMadhavan Rajeevan, secretary, Ministry of Earth Sciences, warned recently that the rising temperatures in the Arabian sea has made states such as Kerala and Karnataka increasingly vulnerable to cyclones, and he is not alone in expressing such concerns. A new National Bureau of Economic Research working paper by Klaus Desmet and others suggests that coastal flooding will disrupt the global economy, causing huge shifts in economic activity. As sea levels rise, low-lying land areas and small islands could shrink due to flooding and coastal erosion, forcing large-scale migration inland. As per the study, under a scenario of moderate greenhouse gas emissions, permanent flooding could reduce global real GDP by an average of 0.19% in present value terms and economic welfare by 0.24% as people move to places with less attractive amenities. A report by the non-profit First Street Foundation says housing values in New York, New Jersey and Connecticut dropped $6.7 billion from 2005 to 2017 due to flooding related to rise in sea level.