Managed retreat from hazardous areas is a long-term strategy for mitigating natural disaster risks and adapting to climate change. In the United States, managed retreat is often sponsored by governments through acquiring properties in the aftermath of a major disaster event. This study empirically examined the institutional factors that influence government buyouts of floodplain properties across US counties, with a particular focus on local fiscal conditions and existing flood management practices. The empirical analysis drew on a nationwide panel data set of buyout projects funded through the federal Hazard Mitigation Grant Program over the period 1990-2016. Using a double-hurdle model, the authors found that counties with more property tax revenues and a lower fiscal reliance on property taxes have more postflood buyouts. Results also indicate a negative impact of flood insurance take-up rates and levee protection on a county's buyouts of flood-prone properties. These findings shed new light on the challenges for government buyouts and possible conflicts among different policy instruments in flood risk management. (C) 2021 American Society of Civil Engineers.
Miao, Q; Davlasheridze, M
Managed Retreat in the Face of Climate Change: Examining Factors Influencing Buyouts of Floodplain Properties
Natural Hazards Review