| NSF Org: |
RISE Integrative and Collaborative Education and Research (ICER) |
| Recipient: |
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| Initial Amendment Date: | August 29, 2019 |
| Latest Amendment Date: | August 29, 2019 |
| Award Number: | 1940192 |
| Award Instrument: | Standard Grant |
| Program Manager: |
Manda S. Adams
amadams@nsf.gov (703)292-4708 RISE Integrative and Collaborative Education and Research (ICER) GEO Directorate for Geosciences |
| Start Date: | October 1, 2019 |
| End Date: | September 30, 2022 (Estimated) |
| Total Intended Award Amount: | $100,000.00 |
| Total Awarded Amount to Date: | $100,000.00 |
| Funds Obligated to Date: |
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| History of Investigator: |
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| Recipient Sponsored Research Office: |
300 W. 12TH STREET ROLLA MO US 65409-1330 (573)341-4134 |
| Sponsor Congressional District: |
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| Primary Place of Performance: |
300 W 12th Street Rolla MO US 65409-6506 |
| Primary Place of
Performance Congressional District: |
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| Unique Entity Identifier (UEI): |
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| Parent UEI: |
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| NSF Program(s): | CoPe-Coastlines and People |
| Primary Program Source: |
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| Program Reference Code(s): |
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| Program Element Code(s): |
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| Award Agency Code: | 4900 |
| Fund Agency Code: | 4900 |
| Assistance Listing Number(s): | 47.050 |
ABSTRACT
This project evaluates the use of a new type of bond, a coastal community resilience bond (CCRB), that has the potential to assist coastal communities to recover more quickly and become more resilient following a disaster. If effective, this new bond mechanism can be extended to other communities. This new type of bond integrates social assets and physical infrastructure in its development to enable investment in community resilience. The two goals of this resilience bond are to: (1) achieve equitable recovery of both physical and social systems and institutions; and (2) reduce the resilience gap between different types of communities. The resilience bond development includes not only the repair of the physical systems in a community, but also valuation and investment that enable timely recovery of social institutions, bridging a gap in current disaster resilience bonds. As part of this research graduate students will receive cross-disciplinary training where the fields of urban planning, engineering, and finance overlap.
To test this new type of bond, the research team considers two case study communities in Mississippi and South Carolina each having different resilience planning capacities, but both identifying needs in resilience investment. Community level modeling with a portfolio of options to achieve these goals and objectives will consider metrics identified as part of the engagement process combined with what is achievable. A resilience bond pricing methodology will be developed through a series of interviews and consultation with insurance and finance industry experts. Pricing will be discussed with community stakeholders to determine if it is within the acceptable range. The primary outcomes of this research are: (1) the development of a coastal community resilience bond which not only includes the repair of the physical systems in a community, but also provides valuation and investment to enable timely recovery of social institutions, bridging a gap in current disaster resilience bonds; (2) a high-fidelity loss model integrated with a community-level model to enable decision-making based on community needs; and (3) development of a coastal community resilience bond development methodology that is adaptive to varying capacities for resilience investment and planning in a variety of communities.
This award reflects NSF's statutory mission and has been deemed worthy of support through evaluation using the Foundation's intellectual merit and broader impacts review criteria.
PUBLICATIONS PRODUCED AS A RESULT OF THIS RESEARCH
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PROJECT OUTCOMES REPORT
Disclaimer
This Project Outcomes Report for the General Public is displayed verbatim as submitted by the Principal Investigator (PI) for this award. Any opinions, findings, and conclusions or recommendations expressed in this Report are those of the PI and do not necessarily reflect the views of the National Science Foundation; NSF has not approved or endorsed its content.
In this project, we propose to develop the concept of Coastal Community Resilience Bonds (CCRB) which enable equitable recovery of both physical and social services and institutions through staged and comprehensive planning and investment prior disasters that result from chronic or acute stressors, both of which are present in force where coastlines and people (CoPE) converge. Such an approach requires a combination of investment strategies and planning by individuals and communities before and after a disaster; a proactive approach of reinforcing buildings before a disaster to reduce fatalities and property losses and repairing or rebuilding damaged properties to mitigate future losses after a disaster. Given that different sizes and types of communities vary in their capacity and capabilities for resilience investment and planning, this project will actively engage community decision makers and stakeholders through focus groups to identify a suite of the most effective combinations of investment strategies and planning for a wide range of communities particularly where social and economic vulnerabilities are higher. Through engagement with real-world decision makers and coastal community stakeholders we can identify strategies to achieve “buy in” and support for resilience investment and planning from individuals and communities across a wide range of socioeconomic levels. The focus will be on hurricanes in an era of climate change which affects coastlines and people.
The development of this new type of bond will allow communities to recover more quickly and reach a higher resilience potential. Such a strategy is timely given the progress the Disaster Recovery Reform Act is making in the U.S., which will allow pre-event spending on resilience planning. The integrated education program will nurture the next generation of engineers and social scientists, and likely a new viable approach for researchers working at the shared common space of these disciplines to achieve coastal community resilience.
Last Modified: 01/29/2023
Modified by: Guirong (Grace) Yan
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