Here's why the NYC region needs $50 billion to fight climate change

$52.6 billion. That's however overmuch the U.S. Army Corps of Engineers thinks it volition instrumentality to support the New York City country from coastal storms.

Its tentatively selected program to code the problem, known arsenic 3B, includes astir $18 cardinal for breakwaters and seawalls and much than $14 cardinal for levees and floodwalls, among galore different changes.

"There is nary question that clime alteration is going to outgo us. We're going to person to wage to excavation ourselves retired of the spread that we're in," Rohit Aggarwala, main clime serviceman for the metropolis of New York, told CNBC.

Funding for this proposition would necessitate legislature approval. The U.S. Army Corps of Engineers said 65% of the backing volition travel from national sources, portion 35% volition travel from nonfederal sponsors specified arsenic the states of New York and New Jersey. But experts accidental this is improbable to straight impact section taxes.

"It's unclear however these things volition impact spot taxes. Whether it's the flood oregon the wall, these are changes to the places that we live," Robert Freudenberg, vice president of vigor and situation astatine the Regional Plan Association, told CNBC, implying that determination doesn't look to beryllium a mode to debar immoderate further cost.

On changing the look of region, Aggarwala said, "You can't support the water astatine bay and person the coastline look precisely the same." However, helium explained that on with preparing for clime change, the metropolis inactive wants residents to person entree to waterfront activity, the ferry strategy and beauteous views.

Plan 3B offers the "best bang for the buck," said Bryce Wisemiller, a task manager for the U.S. Army Corps of Engineers' New York District. He said this is the astir cost-effective program to support the portion from storms that are apt to hap lone erstwhile successful 100 years.

Residents tin research the 3B plan, arsenic good arsenic suggested plans 2, 3A, 4 and 5, astatine the Army Corps' interactive website. Wisemiller said the radical is looking for each the feedback it tin get by the existent remark closing day of March 7.

Watch the video present to larn much astir the program to support the New York City country from coastal storms.