From left, US Transportation Secretary Buttigieg, Governor Scott and Senator Welch were in Montpelier July 17, 2023, to discuss the devastating summer floods. Courtesy photo.
Vermont Business Magazine U.S. Senator Peter Welch (D-Vt.), member of the U.S. Congress Joint Economic Committee (JEC), shared a new report released this week by the JEC’s Democratic staff finding that flooding causes as much as $496 billion in losses each year. On Friday afternoon, Welch will visit two sites in Windham County that are hosting floodplain restoration and mitigation projects.
In July 2023, Vermont experienced several days of nonstop rain, with nearly nine inches of rainfall falling on parts of the state. The torrential rain caused flash flooding, washouts, and mudslides across the state. Homes, businesses, farms, and public infrastructure were damaged, and many were completely destroyed.
“Vermonters know all too well the immense toll flooding can take on our community. This report is a stark outline of the economic costs of a flood—which only measures a fraction the challenges communities endure as they work to recover, long after the flood waters recede. That’s why I’m continuing to fight for more resources for flood recovery and resiliency for Vermont,” said Sen. Welch.
The new analysis found that flooding damage costs an equivalent to 1-2% of U.S. GDP, or $180-$496 billion, each year. Costs include: infrastructure upgrades needed to protect against future flooding; direct and indirect commercial impacts from flooding; structural damages; costs associated with flood-related deaths; decreased tax revenues; damage to ecosystem services; increases in insurance premiums; and crop loss, among other costs. The analysis found that the ongoing impacts of climate change were likely to increase costs in the future. Another recent analysis found that every $1 spent on flood resiliency efforts saves up to $318 in flood-related damages.
Read and download the full report here.
Senator Peter Welch to Tour Miller Farm, Discuss Farm Bill Priorities for Vermont Dairy Farmers
Friday, Sen. Peter Welch (D-Vt.), a member of the Senate Agriculture Committee, will tour the Miller Farm in Vernon and discuss federal support for farmers through programs like the Northeast Dairy Business Innovation Center (NE-DBIC), which provides dairy farmers and processors grants to develop and market their products. One of four regional hubs across the U.S., over $45 million has been awarded to the Vermont-based NE-DBIC for projects through 2026.
The Senate’s recently unveiled Farm Bill, the Rural Prosperity and Food Security Act, includes several provisions championed by Sen. Welch that support dairy farmers, including his O DAIRY Act to improve dairy market data, improvements to the Dairy Margin Coverage risk management program, and a $16 million increase in funding for the Dairy Business Innovation Initiatives program.
Who: Senator Peter Welch (D-Vt.); Miller Farm; Northeast Dairy Business Innovation Center
Date: Friday, June 14, 2024, 2:00 – 2:45 p.m.
Location: Miller Farm - 1732 Fort Bridgman Rd, Vernon, VT 05354
Senator Peter Welch to Tour Floodplain Restoration Project in Downtown Brattleboro with Vermont River Conservancy and Discuss Flood Resiliency in Vermont
Friday, Senator Peter Welch (D-Vt.), will tour the floodplain restoration project along the Whetstone Brook in Brattleboro, which is funded in-part through FEMA’s Hazard Mitigation Assistance Grant program. The site was previously a lumberyard.
This project and a similar project in West Brattleboro are expected to make the community more resilient to future flooding. In July 2023, a previous floodplain restoration project helped downtown Brattleboro avoid major flooding.
Senator Welch serves on the Joint Economic Committee, which released a new report this week that found flooding damage costs an equivalent to 1-2% of U.S. GDP, or $180-$496 billion, each year. The analysis found that the ongoing impacts of climate change were likely to increase costs in the future. Another recent analysis found that every $1 spent on flood resiliency efforts saves up to $318 in flood-related damages.
Who: Senator Peter Welch (D-Vt.); Vermont River Conservancy
Date: Friday, June 14, 2024, 3:00 – 3:45 p.m.
Gathering Location: 250 Birge St, Brattleboro, VT 05301
Senator Welch serves as a Senate representative to the U.S. Congress Joint Economic Committee, Congress’s bicameral economic think tank.
Source: 6.12.2024. WASHINGTON, D.C. – U.S. Senator Peter Welch
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