Iowa has the 13e highest natural disaster risk in the country, according to a new MoneyGeek Report released this week.
MoneyGeek analyzed data from the Federal Emergency Management Agency when compiling the report. He assessed the expected financial losses in total and per capita, as well as the dangers likely to cause the most damage.
The biggest danger Iowa could face is drought, according to the report. Minnesota is the only other state to have drought as the most formidable enemy among natural disasters. The expected annual losses from drought in Hawkeye State are $ 623 million, or $ 205 per capita. Twenty-six percent of Iowa’s expected annual losses are associated with injury and loss of life, with a FEMA-determined statistical life value of $ 7.4 million, while the damage and destruction of buildings represent 35% and agricultural production losses represent 39%.
Minnesota’s expected annual losses due to drought are $ 508 million ($ 95.84 per capita). These losses are 44% due to damage and destruction of buildings, 25% to injuries and loss of life and 31% to losses of agricultural production.
According to the US Drought Monitor, the longest drought in Iowa (D1 (“Moderate drought” to D4 (“Exceptional drought”)) lasted from August 9, 2011 to June 24, 2014, and the most intense drought occurred during the week April 25, 2012. During this drought, D4 affected 2.52% of Iowa’s land.
Iowa’s summer drought conditions in 2021 improved in November and October, the Iowa DNR said in a press release Dec. 9. The Iowa State University Extension and Outreach’s List of Resources for Dealing with Drought Conditions is accessible here.
Strong winds, which cause about 4% of expected losses in the United States, cause the greatest per capita risk in Iowa and the greatest overall risk for Minnesota.
California tops the list of states with the greatest annual risk of natural disasters. The expected annual losses are $ 6.8 billion, or $ 183 per capita. Texas and Florida, whose greatest natural disaster risk are hurricanes, had the second and third highest risks, but South Dakota has the highest per capita risk ($ 271 per person). Rhode Island, the smallest state in the United States, has the lowest risk per capita, $ 15. Although earthquakes occur less often than tornadoes and hurricanes, each year they pose the highest risk of natural disasters in the country because they can cause much more damage.