Updated NIBS Study Proves Mitigation Is a Sound Investment
More than a decade ago, the National Institute of Building Sciences (NIBS), a nonprofit mandated by Congress to improve building process and facility performance, issued a landmark report which changed the conversation about the value of resilience. The 2005 report, Natural Hazard Mitigation Saves, was authored by NIBS’ Multihazard Mitigation Council (MMC), which promotes collaboration to achieve resilience objectives among a broad spectrum of stakeholders. Working from data provided by the Federal Emergency Management Agency (FEMA), the report found that every $1 of natural hazard mitigation funded by the FEMA between 1993 and 2003 saved the American people an average of $4 in future losses. That one to four ratio of investment to returns was widely quoted at the time that the report was published, and has been cited repeatedly during the past decade as interest in resilience grown. This report was among the first to demonstrate that investment in mitigation could deliver significant returns.