Homeowners in southern Queensland and northern New South Wales in Australia are increasingly under-insured at a time when extreme flooding is impacting the region.
What's happening?
Hundreds of thousands of residents in eastern Australia were impacted by Cyclone Alfred, which caused flash floods and heavy winds in early March.
As Australian authorities continue to assess the full extent of the damage, The Conversation reported that many homeowners, including those most affected by the storm, have been opting out of crucial flood insurance in recent years because the premiums are too high.
Insurance premiums quadrupled between 2004 and 2022, with costs rising even higher in at-risk flooding areas, according to the report. Yet, those who have coverage have previously waited up to two years for repair claims to be addressed. Others did not receive enough money to rebuild properly.
As a result, residents are being left vulnerable to extreme weather events and struggling to rebuild their homes.
Why are flood repairs important?
Proper flood repairs are crucial to mitigating future damage and supporting economic development. If residents can't afford to rebuild their homes, the long-term impacts of these storms could be more severe.
Heat-trapping gases caused by human activities (mostly the burning of dirty fuels) have been building up in our atmosphere and warming our planet, supercharging our weather.
Consequently, Australia's weather bureau reported that the average temperature has risen 1.51 degrees Celsius (around 2.7 degrees Fahrenheit) since it began keeping national records in 1910. This has contributed to worsening storms and flooding in recent years.
What's being done about flood repairs?
As supercharged weather continues to be the norm, Australian authorities have prioritized "building back better" so that the country's infrastructure can better withstand natural disasters.
The government set up a Betterment Fund in 2022 following devastating floods that year. The fund allocated $170 million to building more resilient public infrastructure.
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No way 😨 The Australian government also set up a cyclone reinsurance pool after the 2022 floods to help lower the costs of flood insurance for vulnerable residents impacted by cyclones.
However, The Conversation wrote that the pool "cannot possibly tackle the insurance crisis facing households as climate risks rise." It suggested adjustments to how insurers handle climate mitigation and adaptation measures could be one solution.
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