In his talk at the National Academy of Sciences Distinctive Voices series, the National Academy President, Ralph Cicerone, described the three aspects of climate change as Mitigation, Adaptation and Suffering. I use them here in reverse order, because the Suffering is already being provided by nature, since we have done little in Adaptation and Mitigation. The key point here is that since Suffering is costing and will cost a lot of money to accomplish necessary rehousing affected people and rebuilding necessary infrastructure, there will be little available and little political will to accomplish adaptation, and even less to provide mitigation.
This point is already seen in the aftermath of Hurricane Sandy. With aid to FEMA insurance of $9.7 billion and Sandy reconstruction of $50.5 billion, the total is around $60 billion. Governor Cuomo of New York has proposed only $400 million for adaptation in removing homes or neighborhoods in dangerous flooding zones, or areas that Mother Nature owns, as he puts it. This includes the full value of the houses, with their inflated prices since they are in beach areas, and a 10% bonus for moving. There is already resistance to moving by people who are enjoying the free insurance bailout by the government, and apparently want to continue enjoying it. But the real point here, is that of the $60 billion being spent for removing Suffering, only $400 million is being proposed for Adaptation to avoid further Suffering, or 0.7%. (Actually, New Jersey could opt for some amount also.)
Over the last four years, President Obama has been spending some of the $95 billion being used for Mitigation in renewable energy projects and development of batteries, electric cars, home insulation, etc. , and as a economic stimulus. With sequestration and a zero increased spending cap expected, as relief for Suffering keeps being called for, we will see far less for Adaptation and Mitigation. The tide has already turned.
What is a relative bargain, and pays off manifold, is investment in research.
Here is the costs of climate change estimated by the Natural Resources Defense Council:
