Wetland development cost Florida homeowners $1.6B in flood damages, study finds

Development of Florida’s wetlands has saddled homeowners with a whopping $1.6 billion in flood damages, according to a new study.  The study, conducted by the Massachusetts Institute of Technology, found Florida’s wetland mitigation banking program has increased flood risk in urban areas by allowing developers to destroy wetlands and offset the loss by restoring them elsewhere, the Tampa Bay Times reported.  Wetlands act as natural sponges that absorb, store and slow the speed of excess water, reducing flood risk in the surrounding land. Because they are protected by federal and state laws, developers who want to build on them must […]

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