Damage from the February floods that devastated parts of Queensland and New South Wales has totaled $ 4.3 billion, the fourth highest damage bill due to a natural disaster in the history of Australia.
The devastation is costing twice the amount billed during the 2011 floods in Queensland and has outweighed the damage from the 1989 Newcastle earthquake.
The 1999 East Sydney hail alone ($ 5.57 billion), Cyclone Tracey that hit Darwin in 1974 ($ 5.04 billion) and Cyclone Dinah in 1967 ($ 4.69 billion) cost the most. insurers, the Insurance Council of Australia said, using standardized values until 2017.
NSW and Queensland flood damage has been estimated at $ 4.3 billion. (new)
Insurance premiums are rising substantially as a result of the disaster, with 216,465 claims for damages filed so far.
Karen Kiddy, of Paddington, Brisbane, said that although she was not affected by the floods, she was surprised to find that her latest insurance bill had risen by more than $ 5,000.
“The lady told me that every renovation now with Westpac has automatic flood coverage,” Kiddy said.
The ICA said climate change was increasing the frequency and severity of extreme weather events, affecting the availability and affordability of insurance.
Floods in southeast Queensland during the February floods. (new)
“Insurance is a matter for the insurance companies and the federal government,” said Prime Minister Annastacia Palaszczuk.
As floods are expected to become more frequent due to climate change, all levels of government are now considering what can be done to mitigate future impacts.
The deployment of the army was seen as a crucial aspect of the federal government’s disaster response to the flood disaster, but Labor Sen. Murray Watt said a more strategic approach was needed for troop deployment.
The disaster is considered the fourth most costly damage in the history of Australia. (new)
“We want to look closely at how much we trust them and whether there are other ways to make sure people get the support they need without putting too much pressure on the Defense Force,” Watt said.
But Brisbane Prime Minister and Mayor Adrian Schrinner said the deployment of troops was crucial during Queensland’s time of need.
“The army has a seat at the table and that is absolutely critical,” the prime minister said.
The Queensland Prime Minister said the army was “absolutely” comprehensive in disaster relief efforts. (new)
Schrinner said the army gave a boost of hope to those struggling to clean up their flooded homes and streets.
“When the Defense Forces personnel showed up, you could see that it was a sense of relief,” he said.