In post-Sandy era, N.J. Shore’s solvency is tied to disaster aid

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Ortley Beach, Superstrom Sandy damage 2012, new jersey

CHRISTOPHER FLAVELLE / BLOOMBERG – The top-rated creditworthiness of the New Jersey Shore depends on the willingness of the federal government to keep shelling out after natural disasters, according to Moody’s Investors Service.

The report could be read as a warning to coastal communities around the country that are threatened by climate change: If Congress and the White House cut spending for the Federal Emergency Management Agency and other disaster-relief agencies, it could threaten their ability to access the credit market.

“Without FEMA at all, states and local governments would have less resilience to climate shocks, increasing exposure and risk,” said Moody’s Managing Director Lenny Jones in an email. “At some point, increases in risk and exposure result in lower credit quality.” …

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