PLEA Network

21 April 2016, ECOS/CSIRO, Systematically addressing disaster resilience in Australia could save billions. The cost of replacing essential infrastructure damaged by disasters will reach an estimated $17 billion in the next 35 years, according to the latest set of reports from the Australian Business Roundtable for Disaster Resilience and Safer Communities.The reports, Building Resilient Infrastructure and the Economic Costs of Social Impact of Disasters, outline the costs associated with replacing essential infrastructure damaged by disasters and provide an overview of the direct costs of physical damage within the total economic cost of disasters. In 2015, the total economic costs of disasters exceeded $9 billion, a figure that is projected to double by 2030 and reach $33 billion per year by 2050 – funds that could be spent elsewhere on other major national projects. During the Roundtable’s launch of the reports at Parliament House last month, risk expert and CEO of reinsurer Munich Re, Heinrich Eder, noted that these projections are based only on economic and population growth. They do not even include the increasingly detectable effects of climate change. These are big, and socially traumatic, numbers. Long-term they have the same sort of potential to create holes in national and state budgets as our ageing population does—the subject of repeated Intergenerational Reports and eventual decisions about adjusting retirement age. Read More here