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Floods : loss could increase by 300 % in the Maritimes

by

Justine Montminy

July 30, 2018 09:45

Photo : Freepik

The cost of the financial flooding in the maritime provinces could increase by 300% by the end of the century if measures are not taken to counter the effects of climate change, reveals a study conducted by researchers from theUniversity of Waterloo.

The researchers are focusing on the city of Halifax, Nova Scotia, as the region has suffered several river floods recently.

Of$ 10 Million to$ 67 Million damage

The study indicates that an increase of 4 °C in global temperatures would lead to damage of 67 million dollars (M$) to the Halifax area in the event of severe floods. However, if the rise in global temperatures may be limited to 2 °C, the damages would be$ 10 Million for the same event.

«The difference in cost between the two climate scenarios shows to what extent the situation would be worse if action is not taken to address climate change. It also shows that the government must act and warn the citizens not to build properties in areas at high risk of flooding «, said the coordinator of the Forum on the resilience of canada’s coasts (CCRF) and researcher at the Faculty of environment, University of Waterloo, Andrea Minano.

The rest of Canada at risk

Although the study focuses on the Maritimes Region, it also indicates that almost all of Canada is vulnerable to severe floods.

«The increase in losses due to flooding calls into question the insurability of long-term in the Halifax region and sheds light on a larger problem which will face many other regions of Canada if no action is taken to address climate change,» says Mrs. Minano.

The team of researchers, including economists, geographers and political scientists, has merged the data on the probability of flooding, climate change and the financial information on the insurance market in order to develop a series of forecasts.

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