Cost Of Natural Disasters In Australian 50% Higher Than Thought; $33 Billion/Year By 2035 Projected

The cost of natural disasters in Australia is 50% more than previously estimated– $9bn in 2015 – and is set to increase to $33bn by 2050 even ignoring the effect of climate change, according to two reports commissioned by the Australian Business Roundtable for Disaster Resilience and Safer Communities.

The reports included the first analysis of the economic costs of social impacts of natural disasters, and concluded they cost the economy more than tangible impacts like damage to property.

Among the tangible costs, the biggest occurred when critical infrastructure was damaged. Despite this, there was no formal requirement to consider resilience when making decisions about building infrastructure.

The reports said more investment was needed at times other than in the immediate aftermath of a disaster, with funding also required for community and infrastructure resilience, as well as longer-term social care. The reports follow others by the Productivity Commission and Infrastructure Australia which also recommended more money be spent on resilience than recovery, which the government has been reluctant to implement.

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http://www.theguardian.com/world/2016/mar/02/natural-disasters-costing-australia-50-more-than-estimated