It is a massive undertaking, but probably less of an undertaking than bringing carbon emissions down to acceptable levels. Estimates of the latter run from around $300B [1][2] to $2T [3] to around $2.5T [4] per year. By comparison, estimates on the total cost of Hurricane Katrina rebuilding usually run around $125B. [5][6]
As for earmarking funds - one possible mechanism might be a carbon tax + insurance subsidy. The idea is to tax carbon emissions at a rate that is lower than what mandatory carbon reductions would cost, but higher than the expected value of new natural disaster rebuilding. Some of the proceeds would be distributed to existing insurance companies, which already have expertise in both investing and in paying out claims. Normal market discipline keeps this industry competitive, which eliminates the waste that would accrue if a government bureaucracy were created to do the work.
Regardless, we should have comprehensive evacuation plans for each major city worked out. That sort of work costs barely anything and has big payoffs in a lot of situations.
As for earmarking funds - one possible mechanism might be a carbon tax + insurance subsidy. The idea is to tax carbon emissions at a rate that is lower than what mandatory carbon reductions would cost, but higher than the expected value of new natural disaster rebuilding. Some of the proceeds would be distributed to existing insurance companies, which already have expertise in both investing and in paying out claims. Normal market discipline keeps this industry competitive, which eliminates the waste that would accrue if a government bureaucracy were created to do the work.
Regardless, we should have comprehensive evacuation plans for each major city worked out. That sort of work costs barely anything and has big payoffs in a lot of situations.
[1] https://www.gsb.stanford.edu/insights/what-would-it-really-c...
[2] http://www.eia.gov/cfapps/ipdbproject/IEDIndex3.cfm?tid=2&pi...
[3] http://www3.imperial.ac.uk/newsandeventspggrp/imperialcolleg...
[4] http://www.mckinsey.com/client_service/sustainability/latest...
[5] http://www.huffingtonpost.com/2012/11/04/hurricane-sandy-vs-...
[6] http://www.livescience.com/32181-how-much-did-hurricane-katr...