In a country where 60% of the population lives below today's sea level, the prospect of rising seas has to give everyone the cold shivers. Literally translated, the Netherlands means the "low countries" and much of its land area -- about 20% -- was reclaimed by an elaborate system of dikes, levees, and those famous windmills. Now, after finally taming much of the flood dangers that have plagued its low-lying cities, global warming has to come muck it all up.

New studies show that the Netherlands are facing a 1.3 meter rising in sea level over the next century. That means the Dutch have to both build up their 350km of coastline while at the same time dredge out canals and build up dikes. In financial terms, that means they need to invest about $2.9B annually for the next few decades to have a fighting chance of keeping their cities -- which produce 65% of the nation's income -- above water.

Authorities have recommended a long term independent "Delta Fund" -- feed by natural gas income and state bonds -- to pay for the seemingly endless building project.