S3E12: The Cost of Climate Risk: Why Resilience Is Smart Business for New Jersey

Disasters leave more than physical damage. They carry lasting financial consequences for the people, businesses, towns, and cities they impact. A new report from the New Jersey Office of Environmental Protection (NJ DEP) lays out in stark terms storms, flooding, and rising recovery costs are increasingly putting pressure on the state’s infrastructure, housing markets, and municipal finances. In our Season 3 finale, NJ DEP Chief Economist unpacks the report’s findings—from shrinking tax bases and rising insurance costs to the financial feedback loops that can trap communities in cycles of risk. But they also discuss how local governments can plan smarter, invest in resilience, and protect the economic backbone of New Jersey’s communities. Michael Russell serves as Chief Economist at NJDEP, where he specializes in regulatory impact analysis. He previously served as assistant professor of Economics at Centenary University in New Jersey, where he directed the Center for Sustainability and the Sustainable Practices program. More Links and Information  Check out more Fors Marsh Media  Connect or partner with Fors Marsh Read the full Economic Risks of Climate Change in New Jersey report