We study a mathematical model of fluid -- poroelastic structure interaction and its numerical solution. The free fluid region is governed by the unsteady incompressible Navier-Stokes equations, while the poroelastic region is modeled by the Biot system of poroelasticity. The two systems are coupled along an interface through continuity of normal velocity and stress and the Beavers-Joseph-Saffman slip with friction condition. The variables in the weak formulation are velocity and pressure for Navier-Stokes, displacement for elasticity and velocity and pressure for Darcy flow. A Lagrange multiplier of stress/pressure type is employed to impose weakly the continuity of flux. Existence, uniqueness, and stability of a weak solution is established under a small data assumption. A fully discrete numerical method is then developed, based on backward Euler time discretization and finite element spatial approximation. We establish solvability, stability, and error estimates for the fully discrete scheme. Numerical experiments are presented to verify the theoretical results and illustrate the performance of the method for an arterial flow application.

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