Coastal cities around the world have experienced large costs from major flooding events in recent years. Climate change is predicted to bring an increased likelihood of flooding due to sea level rise and more frequent severe storms. In order to plan future development and adaptation, cities must know the magnitude of losses associated with these events, and how they can be reduced. Often losses are calculated from insurance claims or surveying flood victims. However, this largely neglects the loss due to the disruption of economic activity. We use a forward‐looking dynamic computable general equilibrium model to study how a local economy responds to a flood, focusing on the subsequent recovery/reconstruction. Initial damage is modeled as a shock to the capital stock and recovery requires rebuilding that stock. We apply the model to Vancouver, British Columbia by considering a flood scenario causing total capital damage of $14.6 billion spread across five municipalities. GDP loss relative to a no‐flood scenario is relatively long‐lasting. It is 2.0% ($2.2 billion) in the first year after the flood, 1.7% ($1.9 billion) in the second year, and 1.2% ($1.4 billion) in the fifth year.

The classic wind-driven double-gyre problem for a homogeneous (unstratified) thin aspect ratio fluid is considered, but allowing for the flow to be depth dependent. Linear free modes for which the vertical wavenumber k z 6 ¼ 0 are inertial oscillations, and they are excited with a large-scale stochastic forcing. This produces a background sea of near-inertial oscillations and their interaction with the vertically averaged flow is the focus of this study. In the absence of 3D forcing, the near-inertial motion vanishes and the barotropic quasigeostrophic system is recovered. With 3D forcing, 2D-to-3D energy transfers-coupled with a forward cascade of 3D energy and scale-selective dissipation-provide an energy dissipation mechanism for the gyres. The relative strength of this mechanism and a Rayleigh drag applied to the 2D flow depends on both the 3D forcing strength and the Rayleigh drag coefficient.