Comparing Physical Risk: The Fed’s Second District versus the Nation

Kristian Blickle, Rajashri Chakrabarti and Maxim Pinkovskiy

No 20231108, Liberty Street Economics from Federal Reserve Bank of New York

Abstract: In this post, we discuss the climate-related risks faced by the Federal Reserve’s Second District and compare these with risks faced by the nation as a whole. The comparison helps contextualize the risks while framing them in the broader context of a changing climate at the national level. We show that the continental Second District—an area consisting of New York State, the twelve northern-most counties of New Jersey, and Fairfield County in Connecticut—faces fewer and less severe climate-related physical risks than the nation as a whole. However, the areas that comprise the Second District still rank somewhat high in key risks that include “heat stress.” This holds true especially for New York City.

Keywords: climate; disaster; floods; heat wave; tornado; Second District; New York; New Jersey; pandemic (search for similar items in EconPapers)
JEL-codes: D63 Q54 R10 (search for similar items in EconPapers)
Date: 2023-11-08
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