The national climate disaster fund
Australia urgently needs a dedicated, independently administered fund to meet the escalating costs of natural disasters due to global warming.
Natural disasters already cost Australians over $13 billion every year. These costs will escalate over coming years and decades as the frequency and intensity of natural disasters increases due to climate change. Each year, Australia’s natural disaster costs are driven by a small number of events with very high costs.
Any increase in the frequency or intensity of these events will dramatically increase the costs of natural disasters to Australia. For instance, the 2011 Queensland floods are estimated to have cost $14 billion. This event alone caused higher costs than the average annual costs of all disasters in Australia.
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