Floods can cost as much as earthquakes

Floods can cost as much as earthquakes

Floods exacerbated by climate change could cost one day New Zealand As far as earthquakes, according to a study released Wednesday.

The country is just recovering from the floods that hit the South Island last week.

climate crisis

Experts have warned that climate change could lead to flooding.As devastating to New Zealand as an earthquakeIn a report released Wednesday. The average annual cost of repairing flood-damaged homes in New Zealand will rise from $62 million, according to research firm CoreLogic and insurance group Munich Re.

New Zealand will see more weather events and it will be more severe due to climate changesays Scott Hawkins, managing director of Munich Re Australia. Annual building repair costs could increase by more than 20% by 2050, and by 30% by 2100, according to the study. In recent years, floods have wreaked havoc across the South Island, and Prime Minister Jacinda Ardern has warned that flood-prone areas are not prepared for the climate crisis.

costly natural disasters

New Zealand’s largest insurer, IAG, has called for an end to home construction in flood-prone areas, saying ten major floods in the past two years have caused losses of about $248 million in total. However, that number pales in comparison to the damage caused by the 2011 earthquake in the Canterbury region, which devastated Christchurch, the country’s second largest city, and left 185 people dead.

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According to insurer Swiss Re, the earthquake caused an estimated $25 billion in property losses, making it by far the costliest natural disaster in the country. Jacinda Ardern announced on Monday that her government will adopt a national plan to better prepare the country for the consequences of climate change.

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