Infrastructure NSW says buybacks on Sydney’s fringe could cost $5.2bn but expert argues price would be ‘nowhere near’ that
The government wants to raise the Warragamba Dam wall in an attempt to reduce the flood risk in the Hawkesbury-Nepean valley, and has asked for a 50-50 funding split with the commonwealth to pay for the project.
The chief executive of the Insurance Council of Australia, Andrew Hall, said the cost of buybacks was often overstated because it was calculated “too widely”. “Most recent analysis indicates that the cost of purchasing the 7,600 residential properties and manufactured homes located at or below the modelled 1 in 100 chance per year flood would be around $5.2bn.
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