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

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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.

Suggested Citation

  • Kristian S. Blickle & Rajashri Chakrabarti & Maxim L. Pinkovskiy, 2023. "Comparing Physical Risk: The Fed’s Second District versus the Nation," Liberty Street Economics 20231108, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:97309
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    File URL: https://libertystreeteconomics.newyorkfed.org/2023/11/comparing-physical-risk-the-feds-second-district-versus-the-nation/
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    More about this item

    Keywords

    climate; disaster; floods; heat wave; tornado; Second District; New York; New Jersey; pandemic;
    All these keywords.

    JEL classification:

    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
    • R10 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - General

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