New York Plans $20 Billion Battle Against Climate Change
"Mayor Michael R. Bloomberg outlined a far-reaching plan on Tuesday to protect New York from the threat of rising sea levels and powerful storm surges by building an extensive network of flood walls, levees and bulkheads to guard much of the city’s 520 miles of coastline," report Marc Santora and Kia Gregory. "The cost of fortifying critical infrastructure like the power grid, retrofitting older buildings to withstand powerful storms, and defending the coastline was estimated to be $20 billion, according to a 430-page report outlining the proposals."
"In all, the report outlines 250 specific recommendations, including the adoption of adaptable flood walls and other measures to protect some of the worst-hit areas during the October hurricane."
"Mr. Bloomberg said that the price tag was high, but that the cost of not taking action would be greater. Hurricane Sandy did $19 billion in damage to the city, he said, and if a similar storm struck three decades from now, the cost could be $90 billion."