Prof. Pielke Jr.: Bad Economics at NOAA: ‘NOAA has been publishing information related to disasters that is extremely misleading and scientifically inaccurate’
'NOAA's methodology has a serious flaw, as $1 billion does not mean the same thing today as it did in 1980. In fact, adjusting just for inflation means that $1 billion today would have been the equivalent of $400 million in 1980. And that is not all, because there has been considerable development across the nation since 1980, meaning that there is more property and wealth to be damaged, $1 billion in damage today is actually equivalent to about $170 million in 1980'
