It follows the devastating floods experienced in South-East Queensland in February and March this year
The federal government has pledged a further $741m in funding to better protect Queensland homes and communities from the impacts of extreme weather in the State Budget.
The Insurance Council of Australia has welcomed the additional investment and extension of the Queensland Government’s $13.1m Resilience and Risk Reduction Fund to support disaster mitigation projects and build resilience to worsening extreme weather in the state.
The budget also includes a welcomed $170 million to build essential public infrastructure such as roads, bridges, causeways and culverts back to standard. $900m has been allocated to Queensland Fire and Emergency Services to support the work of the State’s first responders.
The frequency and severity of extreme weather events has grown in recent years, with the state experiencing devastating floods, bushfires and other natural catastrophes.
The insurance industry currently expects to pay out $5 billion in claims for flooding that occurred in Queensland and New South Wales between 20 February to 11 March 2022.
ICA CEO Andrew Hall said: ”The ICA commends the Palaszczuk Government for this very significant increase in resilience funding, made in response to the devastating floods experienced in South-East Queensland in February and March this year.
”Queensland is now leading the nation in terms of resilience and mitigation funding which is critical given the State’s exposure.”