Economic Impacts of the Anticipated Non-Accreditation of Bernalillo County Levees

Abstract

The Albuquerque Metropolitan Arroyo Flood Control Authority (AMAFCA) contracted the UNM Bureau of Business and Economic Research (BBER) to estimate the economic impact resulting from levees in Bernalillo County losing FEMA accreditation. The levees are not expected to meet FEMAs post Hurricane Katrina standards. BBER estimates the increased cost of flood insurance for parcels located in the floodplain will likely average about $5.5 million in the first year and$6.2 million a year thereafter. Part 1 of the study describes the current floodplain in Bernalillo County, calculates the net new floodplain, and estimates the increase in flood insurance costs in the new floodplain. Part 2 examines the impacts of development of the net new floodplain. Illustrated with color maps and tables.\u2