In collaboration with Flood Mitigation Solutions, we turned around a flood resilience report in a week to inform Assured Guaranty Municipal’s (AGM) decision regarding the issuance of an insurance policy on a municipal bond for the City of New Orleans. Our team compared the impacts of Hurricane Katrina with those of Hurricane Ida, prepared an overview of flood mitigation projects built in the City of New Orleans since Katrina, and investigated future projects that address sea level rise. By evaluating completed initiatives and future plans, we aimed to equip AGM with a comprehensive understanding of New Orleans’ efforts to mitigate flood risk.
Given that there were no overviews of flood resilience in New Orleans, AGM wished to understand what had been done to mitigate flood risk in the wake of Hurricane Katrina (2005), which flooded 80% of the City with more than 15 feet of water. The team compared the impacts of Katrina with those of Hurricane Ida (2021), and found that damage during Ida was largely driven by wind, which caused extensive power outages. The $14.5 billion Hurricane Storm Damage Risk Reduction System (HSDRRS) built after Katrina, the largest of its kind in the United States, mitigated flooding to the City through the impressive Lake Borgne Surge Barrier, the powerful Permanent Canal Closures and Pumps, improved levees, and floodgates. The team also reviewed the $10 billion in capital improvements made through FEMA’s Public Assistance program, which facilitated the repair and replacement of disaster-damaged structures and facilities, including public safety buildings, sewer and drainage systems, and schools. In addition to many other completed initiatives, we highlight HUD’s Road Home program, the largest building elevation program to date, with $2 billion invested and thousands of homes being elevated. Mr. Roderick Scott contributed to the elevation of 1,500 of these homes.
A key concern of the client was whether projects were being planned to address the increasing risk caused by sea level rise and subsidence. Through expedited engagement with the relevant federal, state, and local agencies, we were able to identify several large scale projects, including the USACE’s planned improvements to the HSDRRS, specifically the Lake Pontchartrain & Vicinity levee lifts, which aim to account for sea level rise and subsidence. Additionally, local initiatives aim to recharge groundwater and thus reduce subsidence, though their efficacy is still to be determined. Nevertheless, the fast turnaround on this flood resilience report allowed the client to leverage their in-house geology resources given the new information, and they were able to make an informed and timely decision.
