Victorian infrastructure experts warn extreme weather could cost the state $1 trillion in disaster recovery by the end of the century — but say some low-cost solutions are available.
Victoria's public infrastructure is not prepared for extreme weather , which could cost the state $1 trillion in disaster recovery by the end of this century, a report warns.
The IV report shows that in the decade to 2017, Victoria spent an average of $2.7 billion annually on disaster recovery.It warns climate change may increase those costs and "might cost Victoria nearly $1 trillion by 2100 if it does not act to reduce emissions and adapt its infrastructure". The report says governments "have traditionally waited until infrastructure fails" instead of being proactive, with the Productivity Commission estimating just 3 per cent of disaster spending is put towards proactive efforts.The IV report included an analysis of the costs and benefits of a series of actions which could be undertaken for three specific climate risks, finding simple solutions would provide big returns.
Adapting the road network for bushfires and resulting landslides – considered a "high-rated climate risk for the transport network" – also showed a simple solution with a large return on investment.Simply increasing drainage clearing and vegetation management would return $5.88 for every dollar spent under current conditions, and $11.52 worth of benefits under future conditions.
"This can reduce harm to Victorian communities and businesses and keep down the costs of disaster recovery."The report follows on from the state government's 2022 publication of seven action plans for ensuring Victoria's climate resilience, and recommends seven ways to better assess and prepare infrastructure for the impacts of climate change. They include:
Infrastructure Disaster Recovery Modelling Infrastructure Victoria Report Extreme Weather Cost Blowouts
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