Reports find extreme weather is costing Australians more each decade

ABC NEWS (Australia)

A new report reveals the cost of floods, bushfires and storms in Australia are rising year on year. Data from the Insurance Council of Australia shows losses from extreme weather events have been climbing consistently since 1980. Cyclone Alfred which hit Queensland and New South Wales earlier this year cost 1.4 billion dollars in insured losses alone.

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00:00So we know there are 242,000 homes on the east coast of Australia that have either a

00:082% or a 5% risk of flooding each year. Now we need to see greater investment in resilience

00:15in mitigation infrastructure in those communities. That's things like flood levies, dams, basins

00:22or in the most extreme examples, buying back those properties and moving those homes to

00:27safer places. So we are calling for the Federal Government to invest $30 billion over the next

00:3310 years into resilience infrastructure. So that includes floods, levees, flood levies,

00:40basins, dams etc, buybacks, retrofitting of homes, so things like home raising. Now that

00:47feels like a lot of money but it is over 10 years so that's about $3 billion a year.

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