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average, damages because this flood depth means water plus or minus 6" of the floor; <br />even if the flood level is a few inches below the first floor, there may be damage to <br />flooring and other building elements because of wicking of water. <br /> <br />The Scenario (per flood event) damages and losses include expected damages to the <br />building, content, and displacement costs if occupants have to move to temporary <br />quarters while flood damage is repaired. <br /> <br />The Annualized (expected annual) damages and losses are calculated as the product <br />of the flood probability times the scenario damages. For example, a 4 foot flood has <br />slightly less than a 1% chance per year of occurring. If it does occur, we expect about <br />$32,100 in damages and losses. Averaged over a long time, 4 foot floods are thus <br />expected to cause an average of about $315 per year in flood damages. Note that <br />the smaller floods, which cause less damage per flood event, actually cause higher <br />average annual damages because the probability of smaller floods is so much higher <br />than that for larger floods. With these data, the house is expected to average $6312 <br />per year in flood damages. This expected annual or "annualized" damage estimate <br />does not mean that the house has this much damage every year. Rather, in most <br />years there will be no floods, but over time the cumulative damages and losses from a <br />mix of relatively frequent smaller floods and less frequent larger floods is calculated to <br />average $6312 per year. <br /> <br />The calculated results in Table t.8 are the flood risk assessment for this house for the <br />as-is, before mitigation situation. The table shows the expected levels of damages <br />and losses for scenario floods of various depths and also the annualized damages <br />and losses. <br /> <br />The risk assessment shown in Table 1.8 shows a high flood risk, with frequent severe <br />flooding which the owner deems unacceptable. Therefore he explores mitigation <br />alternatives to reduce the risk: the example below is to elevate the house 4 feet. <br /> <br /> Table 1.9 <br /> Damages After I~itigation <br /> <br /> Flood Depth Annual Probability Scenario Damages and Annualized Flood <br /> (feet) of Flooding Losses Per Flood Event Damages and Losses <br /> <br /> 0 0 2050 $0 $0 <br /> I 0 1234 $0 $0 <br /> 2 0.0867 $0 $0 <br /> 3 0.0223 $0 $0 <br /> 4 0.0098 $6,400 $63 <br /> 5 0.0036 $14,300 $49 <br /> $112 <br /> <br />By elevating the house 4 feet, the owner has reduced his expected annual (annualized) <br />damages from $6312 to $112 (98% reduction) and greatly reduced the probability or <br /> <br />Public Review Draft August 6, 2004 1-12 <br /> <br /> <br />