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Flood costs for our economy

The floods that occurred in 2015/16 were estimated to cause 1.6 billion losses to the economy. Floods in 2019/20 cost an additional 2.1 billion without food defense, but were estimated to be 78 million. We know these costs because we have studied and analyzed impacts such as flooded real estate and business and used them to calculate the cost of economic damage from flooding. The estimates and patterns of damage from flooding across the country are well known. However, our evidence must be strengthened for smaller and more frequent flood events.

Annoying flood

Small and frequent flooding events destroy homes, businesses and infrastructure. We must ensure that these costs are included in our Flood and Coastal Erosion Risk Management (FCERM) investment decisions.

Evidence and tools for damage analysis

We’ve been updating the evidence for flooding since 2016 to capture and analyze the damage caused by frequent small floods (last evidence study for flood cost).

This information will be used in conjunction with the data we already have (2007, 2013/14 and 2015/16 Flood Cost Studies) to update the tools used for FCERM funding and investments.

One of these tools is a partnership funding calculator that determines how much government can contribute to flood-reduction interventions. Another tool is the Environmental Agency’s long-term investment scenario, which is used to determine future funding needs.

This evidence could support other risk management authorities to invest in interventions that improve resilience to smaller scales and more frequent flooding.

How to use evidence

The new data will improve our initial estimates of flood damage and the damage avoided by the flood defenses we produce during flooding. This will help support our incident management and communication with government and media.

We will also look at how we can collect data more efficiently. It can take a long time to gather flood impact data from multiple organizations including risk management authorities, insurance companies, farmers, and infrastructure providers. Let’s look at how to design a streamlined and repeatable process.

More information can be found at Hayley Bowman: [email protected]

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