2020.Gourevitch.FloodplainRestoration

Floodplain restoration offers an opportunity to enhance communities’ resilience to flooding. However, the degree to which these interventions mitigate damages is often unknown, and identifying the best locations for implementation is a challenge. Further, the extent to which the benefits of flood mitigation are equitably distributed within communities is rarely considered in restoration projects. Here, we develop a novel framework to optimize investments in floodplain restoration that maximizes the utility of avoided damages from flood inundation for a range of budgetary constraints. We estimate the expected reduction in flood damages from restoration interventions by integrating a hydraulic flood model and an economic damage cost model. Using equity-weighted utility functions, we explicitly evaluate how the value of reduction in flood damages varies for different property owners. We demonstrate the potential of this approach in the Lewis Creek watershed, located in Vermont, USA. Under all optimal scenarios, the benefits of avoided flood damages over a 100-year time period outweigh the costs of restoration by at least 5-to-1. Floodplain restoration has the potential to reduce the present value of damages by up to $400,000, a 5% decrease from the baseline, at a cost of only $75,000. We also show that the equity-weighted utility of flood mitigation increase when restoration interventions protect the lowest-income property owners, particularly those who live in mobile homes. Together, our results illuminate the importance of evaluating the distribution of benefits and costs associated with alternative restoration strategies, as well as underscore the capacity for floodplain restoration to build resilience to flooding.