• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Surging Treasury yields expose a brutal truth: America has no margin for error on its $39 trillion debt

2

After a judge ordered Trump's name be removed from the Kennedy Center, president says it will 'soon be closed, probably never to open again'

3

Current price of oil as of May 29, 2026

1

Surging Treasury yields expose a brutal truth: America has no margin for error on its $39 trillion debt

2

After a judge ordered Trump's name be removed from the Kennedy Center, president says it will 'soon be closed, probably never to open again'

3

Current price of oil as of May 29, 2026
Venice

Venice Is Flooding Because of Climate Change, But Corruption Is Keeping It Under Water

By
Brittany Shoot
Brittany Shoot
Down Arrow Button Icon
By
Brittany Shoot
Brittany Shoot
Down Arrow Button Icon
October 30, 2018, 6:35 PM ET

More than 75% of the Italian city of Venice was inundated by high tides and extreme winds on Monday and Tuesday, leaving most of the so-called “Floating City” with the worst flooding in a decade. After two days of heavy rain across Italy, Venice, known for its iconic waterways, can hopefully begin to recover.

At least 11 people have died across Italy due to severe weather in the past days, including landslides and flooding, according to The Weather Channel. Roughly half of Italy has been impacted by the extreme weather, and more than 5,800 firefighters have been activated to answer more than 7,000 emergency rescue calls across the country.

In Venice, where the flood waters are only just now beginning to recede, police tweeted photos of officers rescuing tourists stranded by the rising waters.

#29ottobre #maltempo a Venezia poliziotti della questura in aiuto in #piazzasanMarco a turisti rimasti bloccati a causa acqua alta #essercisempre pic.twitter.com/uJUz6GlPEq

— Polizia di Stato (@poliziadistato) October 29, 2018

Elsewhere in the country, residents and tourists are stranded in areas where downed trees and washed out, debris-littered roadways hobbled travel. In the mountains, heavy new snowfall has blocked some Alpine passes on the border of Switzerland.

So why is Venice flooded? One answer is climate change, which has turned the lagoon city’s proximity to the sea problematic in recent years. Some estimates suggest the Mediterranean Sea levels will rise five feet by the end of the century, which could cause the city to flood twice daily. Currently, Venice experiences fairly severe flooding about four times annually.

Another reason Venice is flooded has to do with corruption. For decades, city officials have been planning and working to erect a series of flood barriers meant to stave off some of the worst tides and storms that Venetians and visitors to the area are at least somewhat used to tolerating. Construction on underwater flood barriers, known as the Moses project, started in 1966 but didn’t get going in earnest until 2004. (MOSE is an acronym for an acronym for Modulo Sperimentale Elettromeccanico.)

Since that time, the project—one of the world’s most complex, large-scale civil engineering projects ever attempted—has been plagued by fraud. In 2014, Venice’s then-mayor Giorgio Orsoni, along with 30 others, was arrested for charges including corruption, illicit party financing, and tax fraud totaling $6.8 billion. Orsoni was accused of taking roughly $635,000 (€560,000) in illicit campaign financing from the consortium behind the flood barrier. Orsoni resigned and received a four-month suspended sentence. He was also required to pay a $17,000 (€15,000) fine, according to the Telegraph.

And while that may have been among the higher-profile corruption cases associated with Moses, it was by no means the first. Previous arrests targeted individuals charged with rigging contracts, according to Reuters.

If and when the project is finally completed and fully operational, flood gates will go up once the tide reaches 110 centimeters, or roughly 43 inches, according to CityLab. That won’t keep water out of low-lying areas often flooded already, such as St. Mark’s Square, but it should protect much of Venice from flooding for roughly the next three decades, depending on how quickly sea level rises between now and then.

The cost of trying to build a flood barrier has already reached staggering heights. The initial budget for Moses of $1.7 billion (€1.5 billion) had, by 2017, corruption costs included, ballooned to a total cost of $6.2 billion (€5.5 billion), according to Italian newspaper La Stampa.

Regardless of the troubled history to finish the flood barriers, it’s high time to finalize the project. The regional governor for Veneto, Luca Zaia, said flooding this week could reach the levels of the 1966 flood that engulfed both Venice and Florence. Back then, such storms seemed like more of an anomaly. But today, they are more common—and more devastating—than ever.

About the Author
By Brittany Shoot
See full bioRight Arrow Button Icon

Latest in

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in

Several musicians said they were misled about the ‘Great American State Fair’ and dropped out. So Trump is stepping in as the main act
PoliticsDonald Trump
Several musicians said they were misled about the ‘Great American State Fair’ and dropped out. So Trump is stepping in as the main act
By Jesse Bedayn, Collin Binkley and The Associated PressMay 30, 2026
5 hours ago
Oil bosses warn prices will soar in a matter of weeks as inventories near unprecedented lows — ‘I mean really, really low levels’
EnergyOil
Oil bosses warn prices will soar in a matter of weeks as inventories near unprecedented lows — ‘I mean really, really low levels’
By Jason MaMay 30, 2026
5 hours ago
SoftBank plans up to €75 billion investment in French AI centers
AISoftbank
SoftBank plans up to €75 billion investment in French AI centers
By Benoit Berthelot and BloombergMay 30, 2026
7 hours ago
After a judge ordered Trump’s name be removed from the Kennedy Center, president says it will ‘soon be closed, probably never to open again’
LawDonald Trump
After a judge ordered Trump’s name be removed from the Kennedy Center, president says it will ‘soon be closed, probably never to open again’
By Collin Binkley and The Associated PressMay 30, 2026
7 hours ago
U.S. military fires missile into engine room of blockade runner after it ignored more than 20 warnings while trying to enter an Iranian port
PoliticsIran
U.S. military fires missile into engine room of blockade runner after it ignored more than 20 warnings while trying to enter an Iranian port
By Konstantin Toropin and The Associated PressMay 30, 2026
7 hours ago
After Blue Origin rocket explosion, NASA’s entire moon exploration program depends on SpaceX for now as Musk eyes blockbuster IPO soon
Innovationspace
After Blue Origin rocket explosion, NASA’s entire moon exploration program depends on SpaceX for now as Musk eyes blockbuster IPO soon
By Jason MaMay 30, 2026
8 hours ago

Most Popular

Surging Treasury yields expose a brutal truth: America has no margin for error on its $39 trillion debt
Economy
Surging Treasury yields expose a brutal truth: America has no margin for error on its $39 trillion debt
By Shawn TullyMay 30, 2026
21 hours ago
After a judge ordered Trump's name be removed from the Kennedy Center, president says it will 'soon be closed, probably never to open again'
Law
After a judge ordered Trump's name be removed from the Kennedy Center, president says it will 'soon be closed, probably never to open again'
By Collin Binkley and The Associated PressMay 30, 2026
7 hours ago
Current price of oil as of May 29, 2026
Personal Finance
Current price of oil as of May 29, 2026
By Joseph HostetlerMay 29, 2026
2 days ago
Gen Z is rejecting $200 dates and choosing 'solo-maxxing'—and dating apps are taking a hit
Economy
Gen Z is rejecting $200 dates and choosing 'solo-maxxing'—and dating apps are taking a hit
By Sydney LakeMay 30, 2026
17 hours ago
As CEO of the $96 billion Sam’s Club, Latriece Watkins is testing her mettle at the warehouse retailer that produced CEOs for Walmart, Target, and Walgreens
Magazine
As CEO of the $96 billion Sam’s Club, Latriece Watkins is testing her mettle at the warehouse retailer that produced CEOs for Walmart, Target, and Walgreens
By Emma HinchliffeMay 27, 2026
4 days ago
U.S. says deals with Iran for safe Hormuz transit are prohibited
Politics
U.S. says deals with Iran for safe Hormuz transit are prohibited
By Jack Wittels and BloombergMay 30, 2026
13 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.