According to today’s AP headline “Central U.S. staggers from storm punches. Ohio

Question

According to today’s AP headline “Central U.S. staggers from storm punches. Ohio latest area to see new flooding; death toll reaches 21.” This brings up the issue of federal flood control policy. In order to combat the problem of flooding, throughout the 20th century, the U.S Army Corps of Engineers (funded by the federal government) built and maintained an extensive system of locks, dams, and levees on the Mississippi and Missouri Rivers, which drain most of the United States, east of the Rockies.

Why did the government need to get involved in the building of flood control structures? (i.e. why did the private market fail to provide a sufficient amount?) Demonstrate and explain.

Is it likely that the federal government is currently spending the optimal amount on flood control structures? Why or why not? Explain.

To help victims of flooding recoup their financial losses, the federal government subsidizes flood insurance and low-interest rebuilding loans. How ill such policies affect the rebuilding decisions of flooding victims? How will this affect the amount of property damage done the next time there is a flood in the same place?

Explanation / Answer

In America floods have always been a costly disaster. Majority of presidential emergency declarations in US are related to floods. Many factors cause floods like, heavy winds over water, unusual high tides, storms, High water level of dams & over flowing rivers. Most recently Hurricane ‘Harvey’ has created catastrophic flooding in parts of Texas & Louisiana leaving dozens dead, displacing thousands & disrupting economy. Floods cause huge damage to property & are a threat to human lives. Floods damage the farming & may cause erosion of soil.

The flood control structures being a ‘public good’ are non-excludable meaning it is difficult to charge people for it once provided & if provided by private sector they will fail to earn profit. It was not easy for private sector to provide flood management systems on the basis of economies of scale compared to government. Therefore government need to get involved in the building of flood control structures.

In 1928 US congress approved ‘The Flood Control Act’ making ‘U.S. Army Corps of Engineers’ responsible to design and construct projects for the control of floods on Mississippi river & Sacramento river. They constructed a levee system over a long duration that extends from Cairo, Illinois to the Mississippi delta. But this ageing flood control system has proved unable to control the great floods in recent times. This also requires government to start new projects for efficient flood management programs based on new techniques.

The federal government is spending a good amount on flood control structures as it has spent approximately 14 billion since 2009 on flood control structures. Federal government has also awarded new contracts to firms to construct projects based on new methods & techniques for efficeint flood management.

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