Photo by Will Parson/Chesapeake Bay Program
The Chesapeake Bay Program Office commissioned the EFC to assess the vulnerability of the Eastern Shore’s economic development priorities in light of climate hazards, and to recommend strategies for advancing and financing resilience-supportive economic development in the region. These strategies build on both the Eastern Shore’s identified economic development priorities and on the EFC’s previous work in other coastal communities to identify connections between stormwater management, water quality, and community resilience finance. It also integrates concepts from the EFC’s emerging work to accelerate public and private investment in projects that will help communities become more climate resilient, and it incorporates feedback from resilience finance experts.
To conduct this analysis, the EFC interviewed A-NPDC representatives; conducted desktop research into climate threats in the region; reviewed local and regional economic development plans; and inventoried major regional assets that could be leveraged in support of resilience-focused economic growth strategies. Our findings and recommendations are organized into three sections. The first section reviews the Eastern Shore’s major economic assets and economic development priorities, as well as heir vulnerability to climate impacts. The second section assesses the region’s capacity to plan for and finance resilient-ready economic development initiatives and resilience infrastructure. Finally, we present recommendations for advancing integrated economic development and community resilience planning and financing on Virginia’s Eastern Shore. These include high-level, foundational approaches, as well as specific economic development opportunities that would grow the region’s economy and support its resilience needs. These strategies could better position Virginia’s Eastern Shore to be environmentally and economically resilient in the face of natural disasters or other shocks.