Cost of increases in flood losses in Maritimes could go up 300 per cent 

First off!! The financial costs for increases in flood risk in Canada’s maritime region to spike by 300 per cent.  Also, the report states steps needed to be taken. One was to hence discuss the impacts of climate change.

Researchers at the University of Waterloo look at the Halifax, Nova Scotia area.  Hence, a region hard hit by recent riverine flooding. So it seems they merged data on increases in flood chance.  Then added climate change and financial payout information. That was from the insurance/re-insurance market. As well, it used the information to develop a forecast.

increases in flood damage reports from University at WaterlooFirst off, the research team has models for two different climate change scenarios. Then it’s impacts on the increases in flood risk.  As well, Climate Change Scenario one means no action gets taken to stall climate change. That’s when you expect a 4 °C rise in global temperatures.  Therefore, the Halifax area could incur $67 million in damages. However, if a severe flood and temperature rise can be limited to 2 °C.  Then expect damages increases in flood damage would be $10 million for the same event.

That’s cause this study focused on the Maritimes. However, it warns all of Canada has vulnerability to hazardous flooding.  Plus, it calls for frank and an inclusive discussion. That’s talking about how much increases in flood risk is acceptable.

In conclusion, the full report is here. It’s about the application of re/insurance models to estimate increases in flood risk due to climate change.  

Finally, it is in the journal Geo-Environmental Disasters.

PRESS RELEASE

FRIDAY, JULY 27, 2018