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GAO: Climate change impact on flood and crop ins.

Programs iconA government report on the impact of climate change says increased losses in taxpayer-funded flood and crop insurance programs could be substantial in the coming decades.

The Government Accountability Office, GAO, also examined how public insurers are preparing for climate change and resulting challenges.

The GAO reviewed 20 studies, looked at federal and private sector data and interviewed agency officials.

It recommends the Federal Emergency Management Agency, FEMA, and the USDA’s Risk Management Agency, RMA, take more steps “to encourage flood and crop insurance policyholders to adopt building and agricultural practices that reduce long-term risk and federal exposure to losses.”

The GAO says FEMA agreed with the recommendation while the RMA neither agreed nor disagreed with it.

 

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