Photos: Indonesia's capital city of Jakarta is sinking and flooding

Parts of Jakarta, Indonesia's capital city, could be underwater by 2050 due to a devastating combination of sinking land and sea level rise. The Indonesian government plans to address the issue by moving Jakarta 100 miles away from its current location.The project would require a $33 billion budget, but it might be the only way to save Jakarta's 10 million residents from flooding.Visit Business Insider's homepage for more stories.Jakarta is on track to become the world's largest megacity, but it could soon lose a good portion of its residents.The Indonesian government recently approved a plan to move the capital 100 miles away from its current location on the island of Java. Though the central bank and financial institutions would remain put, between 900,000 and 1.5 million of Jakarta's residents could be headed for a new address.Read more: A $6.5 billion sea wall was supposed to stop Venice from flooding. Now, most of the city is underwater.The entire project would take around ten years and require a $33 billion budget, but it might be the only way to protect Jakarta's 10 million residents from flooding.After a seven-decade reign as Indonesia's capital, Jakarta faces the growing challenge of sea level rise, which threatens to submerge entire swathes of the city by 2050. The problem is exacerbated by the fact that Jakarta's land is sinking up to 6.7 inches per year due to excessive groundwater pumping. In recent years, floods have devastated homes, vehicles, and local businesses, particularly in Jakarta's poorer neighborhoods. Take a look at the damage.