In 2005, for every dollar FEMA spent on disaster mitigation via resilient design, there was “a $4 return of avoided losses in the future,” says Wanda Lau for MFE sister brand Architect, citing a study conducted that year by the National Institute of Building Sciences (NIBS). Earlier this year, the NBIS updated its report, concluding that the United States could actually save $6 in future disaster costs for every dollar spent.
In addition, every $1 spent to exceed current hazard-mitigation requirements in new construction could save an additional $4 in future disaster-related costs, Lau notes.
Examples of exceeding the code requirements include building residences 5 feet beyond the base flood elevation instead of the required 1 foot; exceeding the strength and stiffness requirements of the 2015 International Building Code (IBC) for flood and earthquake resistance; meeting the Insurance Institute for Business & Home Safety’s (IBHS’) Fortified Home hurricane standards; and constructing new projects to comply with the 2015 International Wildland-Urban Interface Code.
According to the NIBS, federally funded mitigation strategies have prevented 600 deaths, 1 million nonfatal injuries, and 4,000 cases of post-traumatic stress disorder over the past 23 years. Sustained implementation of these strategies would increases these numbers, create 87,000 long-term jobs, and increase the use of domestically produced construction material by 1%.