The first natural structure insurance policy in the United States was issued near Washington on Monday: barrier reef in Hawaii. The Nature Conservancy, a large environmental nonprofit, has purchased a $2 million insurance policy inspired by a new environmental strategy already being piloted in Latin America. The idea is to get a payout from the insurance company when a storm hits Hawaii strong enough to damage the reefs. The money received will then be used to restore broken corals.

“Coastal areas around the world,” explains a spokesperson for The Nature Conservancy, “are increasingly at risk from severe storms, rising sea levels, erosion and other impacts of climate change.” Hawaii is no exception: “In 2018 alone,” the organization explains, “they were threatened by two Category 3+ hurricanes. Coral reefs are our best defense against severe storms and other climate threats.so their restoration and maintenance is essential. In addition, coral reefs are deeply rooted in Hawaiian culture and are of significant value to local tourism, recreation and fishing.” Hiring insurance companies is one way to quickly get the money needed to pay for environmental damage that the government cannot afford.

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The Hawaii Water Resources Department does not have a budget to restore reefs damaged by the storm. IS it is important to act quickly because corals destroyed by hurricanes can only be restored for about six weeks before they die forever.. The withdrawn policy allows you to quickly receive a refund calculated based on the intensity of the storm that caused the damage. At this point, the Conservation Authority will apply to the state of Hawaii, which owns the reefs, for a permit to repair the damage caused by the storm. Although a permit is not guaranteed, the odds look good given that the state of Hawaii cannot afford repairs on its own. “We think we can help our government implement this as a pilot project,” said al The newspaper “New York Times Makale’a Ane, who leads the Conservation Partnership. If it works, it could become a model for overcoming the climate crisis in other parts of the world.