Statista trend report on the estimated cost to residential real estate from rising sea levels in select European cities
Since the beginning of the industrial revolution, the world's oceans have absorbed 90 percent of the excess heat trapped by human induced greenhouse gases. According to a new report in 2020, both the Integrated Analysis Platform (IAP) and National Oceanic and Atmospheric Administration/National Centers for Environmental Information (NOAA/NCEI) found that the years between 2015 and 2019 saw the highest mean average ocean temperatures ever recorded. One of the offsets of rising sea temperatures is thermal expansion. When water heats, it expands, so the higher average temperatures rise, the more ocean waters expand. According to NASA, approximately half of the rise in sea levels over the last 25 years is attributable to thermal expansion.
Europe is arguably the most prepared continent for rising sea levels. Currently, there are around 50 thousand kilometers of flood defense levees in place across twelve European nations most at risk. No matter the current preparations, there is an actual monetary threat to real estate companies, developers and home-owners. In this report we will look at the potential cost to residential real estate across a spectrum of European cities in a scenario where no further defense developments have been made.
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