£600m Flood Damage costs to the UK economy
New research by the Environment Agency (EA) reveals that flooding cost the U.K. economy up to £600 million in 2012.
Over £200m of damage from last year’s floods was attributed to businesses, as well as £277m to the residential sector. Further costs were attributed to contents damage, and indirect impacts such as lost working days due to the floods.
The figures also show that over the course of the year, floods occurred nearly every one in five days. On average, each affected business suffered setbacks of £60,000, however, previously installed flood defences were shown to have protected over 200,000 properties, averting an additional £1.7 billion worth of damage to the economy.
The Environment Agency is now warning of the increased likelihood of flooding this winter. EA officials are urging businesses to sign up for flood warnings and to incorporate flood response and awareness into their business plans.
Despite annual government investments of £2.3 billion towards defences, increasingly businesses are partnering up to contribute to flood protection within their local towns and cities.
REC Flood Risk Consultant, Hayley Rudge said,
“Planning for flood events is important, especially considering climate change, land use changes and increased urbanisation. The latest climate change predictions indicate that flooding, coastal erosion and rainfall intensity and frequency are likely to increase in the future.”
She continued, “One in six properties in England is currently at risk of flooding. Nearly 500,000 people face a significant flood risk, and it has been estimated that this could rise to 840,000 by 2035 without adequate investment.”
For more information about REC’s Flood Risk services, please contact Hayley on 0161 868 1300.