Flood protection is clearly cheaper than reconstruction costs
Published: Monday, Nov 11th 2024, 12:20
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The damage caused by flooding worldwide is likely to increase further as a result of climate change and urban sprawl. In a study published on Monday, the Swiss Re Institute stated that flood protection measures would be worthwhile in order to reduce the risk and costs of reconstruction.
In 2023, natural disasters caused total economic damage of around 280 billion US dollars. Almost 52 billion of this was due to flooding. These losses are likely to increase, given that extreme weather events are being exacerbated by climate change and cities are expanding rapidly, it said. More and more assets are located in areas at risk.
To combat this, the Swiss Re experts see the construction of protective measures as a solution. Although the construction of dykes, dams and flood gates has its price, the economic benefits can be up to ten times higher than the costs of reconstruction. According to the experts, it is important to identify the appropriate measures that best guarantee the safety and economic stability of a region.
Significant reduction in damage
According to the study, if dams and dykes on coasts are chosen and built correctly, they can reduce flood damage in densely populated areas by 60 to 90 percent. In less densely populated areas, however, near-natural solutions such as the restoration of barrier islands or riparian planting are very effective.
According to the study, political measures such as restrictions on land use also make an important contribution to flood protection. This is particularly the case in emerging countries.
According to the Swiss Re Institute, both policyholders and insurers benefit from the measures taken. In addition, cooperation between the private sector and the public sector can help to minimize risk. "It is therefore crucial to create the conditions for private capital to flow into climate adaptation projects, while at the same time optimizing the use of public funds," Veronica Scotti, Head of Public Sector Solutions at Swiss Re, is quoted as saying.
©Keystone/SDA
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