Quantifying flood mitigation services: The economic value of Otter Creek wetlands and floodplains to Middlebury, VT


TitleQuantifying flood mitigation services: The economic value of Otter Creek wetlands and floodplains to Middlebury, VT
Publication TypeJournal Article
Year of Publication2016
AuthorsWatson, KB, Ricketts, TH, Galford, GL, Polasky, S, O'Neil-Dunne, J
JournalEcological Economics
Volume130
Start Page16
Pagination16-24
Date Published2016/10
Abstract

Functioning ecosystems can buffer communities from many negative impacts of a changing climate. Flooding, in particular, is one of the most damaging natural disasters globally and is projected to increase in many regions. However, estimating the value of “green infrastructure” in mitigating downstream floods remains a challenge. We estimate the economic value of flood mitigation by the Otter Creek floodplains and wetlands to Middlebury, VT, for Tropical Storm Irene and nine other floods. We used first principles to simulate hydrographs for scenarios with and without flood mitigation by upstream wetlands and floodplains. We then mapped flood extents for each scenario and calculated monetary damages to inundated structures. Our analysis indicates damage reductions of 84–95% for Tropical Storm Irene and 54–78% averaged across all 10 events. We estimate that the annual value of flood mitigation services provided to Middlebury, VT, exceeds $126,000 and may be as high as $450,000. Economic impacts of this magnitude stress the importance of floodplain and wetland conservation, warrant the consideration of ecosystem services in land use decisions, and make a compelling case for the role of green infrastructure in building resilience to climate change.

URLhttp://www.sciencedirect.com/science/article/pii/S092180091630595X
DOI10.1016/j.ecolecon.2016.05.015
Refereed DesignationRefereed
Status: 
Published
Attributable Grant: 
RACC
Grant Year: 
Year5 StatusChanged
Acknowledged VT EPSCoR: 
Ack-No