News of the Palaszczuk Government’s AUD $38 million (USD $21 million) Disaster Resilience Fund has been hailed by the Insurance Council of Australia (ICA) as a significant step towards improving the resilience of Queensland’s communities to natural catastrophes.
“Queensland is Australia’s most exposed state to extreme weather events. Each year the insurance industry pays out hundreds of millions of dollars in insurance claims”, said General Manager of Communications, Campbell Fuller.
He added, “The Insurance Council has consistently argued that the imbalance between the money spent on disaster recovery compared with the funding for disaster mitigation is a longstanding policy failure in Australia.”
“This commitment of $38 million over four years is a positive step towards protecting Queensland communities from extreme weather. The ICA notes that the Productivity Commission has recommended that the Federal Government spend $200 million each year, with the same amount to be matched by state governments.”
“Substantial investment by all levels of government, working collaboratively on disaster resilience and mitigation programs, would significantly help communities strengthen their ability to withstand natural disasters. The benefits of investing in mitigation are manifold, including improved community safety, economic stability and lower insurance premiums.”
Mr Fuller concluded by highlighting the dangers to which hundreds of communities across Australia would continue to be exposed to- including cyclone, flood, storm and bushfire damage- unless governments remained committed to providing funds to improve resilience.
