Evaluating the Costs and Benefits of Floodplain Protection Activities in Waterbury, Vermont and Willsboro, New York, Lake Champlain Basin, U.S.A.
This report evaluates the costs and benefits of floodplain protection in Waterbury, Vermont and Willsboro, New York in the Lake Champlain Basin, U.S.A. The primary elements of the project are ecosystem service valuation, buildout/conservation analysis, hydrologic calculations of current existing peak flows and predicted future peak flows, hydraulic modeling of floodplains, building damage simulations due to flooding, and a cost-benefit accounting to determine what form of flood risk reduction makes sound economic sense for each community. This report represents a collaboration between Earth Economics, Milone & Macbroom, Fitzgerald Environmental, and dkcarlton & associates with leadership and funding from the Lake Champlain Basin Program, New England Interstate Water Pollution Control Commission, and the U.S. Environmental Protection Agency. This team found the most economically sound flood risk mitigation plans for the towns in which damage reductions were high, the loss of tax revenue was low, the cost of mitigation activity was low, and ecosystem service value was high.