The Association of British Insurers releases its report, “Coastal flood risk – Thinking for tomorrow”...
The east coast of England is under threat from rising sea levels and greater investment is needed now in our coastal flood defences, according to a report published today by the Association of British Insurers.
The report, “Coastal flood risk – Thinking for tomorrow”, concludes that based on a predicted 40cm rise in sea levels by 2040, this will put an extra 130,000 properties at risk of flooding. In total 400,000 properties will be at risk, up nearly 50% on the current number. Without improvements to existing flood defences, the report concludes that the cost of a major coastal flood could soar by 400% and cost as much as £16bn.
The report calls for an extra £8bn to be spent over the next 25-30 years to improve coastal defences along the east coast and proposes that a long-term flood management strategy be implemented, which considers funding needs 25–30 years ahead, and regional planning taking into account the likely impact of climate change in 50 and 100 years time.
Stephen Haddrill, the ABI's director general, said: “Climate change is happening now, and we need to act now to manage it. Flooding is expensive, disruptive and distressing. This report shows that Britain needs a sustained and prolonged investment in coastal flood defences. This investment needs to start now.”
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