| Abstract: | ABSTRACT: Measuring flood control benefits from estimated property damage in prior floods omits losses in the form of depressed values of land put to less valuable uses because of annual flooding. Covariance analysis of real property values in three urban areas differently situated around Lake Cumberland, Kentucky shows a much larger rate of increase, over a 15-year period, for the area receiving flood protection. This suggests that the economic benefits from a flood protection facility include these additional property value increases as well as the prevented property damage. |
