Multi-Hazard property buyouts: Making a case for the acquisition of flood and contaminant-prone residential properties in Galena Park, TX.

The aftermath of extreme flood events can be particularly devastating for residential communities in proximity to flood-prone petrochemical facilities, as they are likely to experience multiple impacts from a single flood event. Hazard impacts could be from flood inundation to their properties, and floodwaters carrying contaminants from nearby facilities into their homes. While property acquisition or buyouts have been effectively used as a flood mitigation strategy, current buyout selection processes only factor in flood exposure, thereby ignoring other hazards such as exposure of properties to potential chemical substance transfer. In this paper, we identify properties that are eligible for flood buyouts but are also at a high risk of contaminant transferal during extreme flood events. We apply a benefit-cost analysis methodology to assess the economic viability of buyouts and proximity metrics to prioritize buyouts of contaminant-prone properties in Galena Park, Texas. Results indicate that, in selected flood-only property acquisition scenarios, cumulative avoided flood losses exceed the cost of property acquisition. However, although with lower cost-benefit values, a selection criterion that factors a combination of flood and contaminant-prone properties as buyouts results in multiple properties being removed from harm's way. Our findings emphasize the potential economic benefits of applying a multi-hazard selection criterion in dealing with flood property buyouts, especially in socially vulnerable communities with high exposure to both flooding and contaminant transfer.