Lismore Library Reopens Three Years After Devastating Flood
Lismore’s library reopened this week, more than three years after the devastating flood that cracked its foundation slab and destroyed 29,000 books.
It’s a good news story. People from all over Australia donated books and money to rebuild a library for the flood-hit New South Wales city. “This is a major step in our recovery and rebuild,” Lismore’s mayor Steve Krieg told the ABC.
The Devastation in Ingham
For the citizens of Ingham, recovery has yet to begin. The town of nearly 5,000 in north Queensland is still under several feet of water. Two people have died, and residents have no running water or access to fresh food.
The floods are the result of a slow-moving tropical low channeling moist air from the Pacific monsoon into drenching rainfall; the village of Rollingstone recorded an astonishing 702mm in 24 hours. As Steve Turton pointed out, the catastrophe bears the unmistakable imprint of climate change. This year’s monsoon is the latest to ever arrive.
Extensive Damage in North Queensland
The damage in north Queensland has been extensive. The vital Bruce Highway, the main road artery, has been cut between Townsville and Ingham, after a bridge at Ollera Creek was washed out. The army has been called in to build a temporary span, but it won’t be able to support heavy trucks.
Damage in Ingham is also severe. The town is inundated, with many houses badly affected. According to Queensland Premier David Crisafulli, an Ingham boy himself, “the devastation is quite frankly, incredible”. Crisafulli had to helicopter in to his childhood home town on Wednesday, vowing that “I am here to deliver what this community needs.”
The Long Road of Disaster Recovery
History suggests this probably won’t be the last time Crisafulli flies into a community devastated by natural disaster. Recent years have seen a string of floods, cyclones, and extreme weather events across the Sunshine State, from floods in Ipswich and Brisbane in 2011, to Cyclone Yasi, Cyclone Oswald, Townsville’s 2019 flood, and more floods in 2022.
In fact, Crisafulli was on the scene back in 2013 as a junior minister after the catastrophic Bundaberg floods, which cost more than $1 billion. Even back then, he was calling for better infrastructure. But rebuilding bridges and levies is easy. Protecting low-lying suburbs of Brisbane and Townsville from floods is a lot harder.
The Cost of Climate-Fueled Natural Disasters
Climate-fueled natural disasters are really expensive. Townsville’s 2019 flood cost $1.24 billion and killed five people. Oswald killed six and cost $2.4 billion. The floods of 2022 killed 22 and cost $4.8 billion. The cost of the 2011 floods was so large that Julia Gillard’s government imposed a special income tax levy.
Our politicians are not oblivious to the scale of the adaptation challenge. Labor’s Murray Watt spent a busy couple of years improving federal disaster preparedness, and his replacement Jenny McAllister has also been in Townsville this week. The National Climate Service has been overhauled after a review by Mary O’Kane, and the National Emergency Management Agency had a budget boost last May.
The High Costs of Climate Adaptation
Once you start to think seriously about climate adaptation, the staggering scale of the task becomes apparent. A recent paper in Nature modeled what researchers call the “economic commitment” implied by climate change — the spending that would be required by a warmer and more disaster-prone world. The figure they came up with was US$38 trillion. A slightly more sober exercise by Deloitte Access Economics put the figure for Australia between 2020 and 2060 at $1.2 trillion.
You may not believe such figures: they are projections and predictions, after all. But it’s a simple fact that the cost of disasters keeps escalating. One recent estimate of the impact of January’s fires in Los Angeles puts the damage at US$250 billion. The insurance cost of 2024 hurricanes Helene and Milton in the US has been estimated at between US$35 and US$55 billion. North American wildfires are thought to have cost $67 billion between 2017 and 2024 — not counting LA this year.
Losses at this scale are uninsurable. Private insurers rely on a business model that pools risk across large numbers of policyholders, and assumes that insurance payouts will be sporadic and predictable. A recent article by Fitch suggested that the impact of the LA fires could eat up one third of the “catastrophe budgets” of European reinsurance firms. Big insurer State Farm responded to the LA fires by seeking an emergency hike in premiums by an average of 22%, while other insurers are getting out of insuring in California altogether. Insurance is already difficult to obtain in many parts of northern Australia.
As private insurers exit, governments are inevitably called on to step up. The result, as in Florida, are state or federal governments taking on hundreds of billions, perhaps trillions of dollars of risk.
The Challenge of Climate Adaptation
The problem is exacerbated by confusing climate adaptation with disaster response. Much of what governments do after disasters is not adaptation, but crisis response.
Conclusion
Climate change is driving more frequent and severe natural disasters, leading to devastating consequences for communities and economies. The cost of adaptation and recovery is immense, highlighting the urgent need for effective policies and strategies to mitigate these risks.
FAQs
What is the economic impact of climate-fueled natural disasters?
Climate-fueled natural disasters have significant economic consequences, with billions of dollars in damages and losses incurred from events such as floods, hurricanes, and wildfires. The cost of adaptation and recovery continues to rise as these disasters become more frequent and severe.
How are governments addressing the challenges of climate adaptation?
Governments are investing in disaster preparedness, infrastructure improvements, and policy reforms to enhance resilience against climate-fueled natural disasters. However, the scale of the challenge requires comprehensive strategies and substantial financial commitments to effectively address the impacts of climate change.
# Climate Adaptation: Building Resilience for a Hotter Future
## Introduction
In the face of escalating climate change impacts, such as extreme weather events and rising sea levels, communities are recognizing the urgent need to adapt and build resilience for a hotter and more dangerous world. While immediate responses like swift boat rescues and disaster relief payments are vital, they do not address the long-term future-proofing required to withstand the challenges ahead.
### The Need for Future-Proofing
Adaptation efforts are essential to ensure the sustainability and survival of communities in the face of climate change. Retrofitting and rebuilding infrastructure with newer and smarter materials can help build back better, as seen in initiatives like Lismore’s flood-resistant library.
### Investment Opportunities in Adaptation
Some forward-thinkers see climate adaptation as an opportunity for innovation and investment. Investment firm Wellington highlights the potential for growth in sectors like engineering, water treatment, and air conditioning. The insurance industry is also evolving with products like parametric insurance, offering tailored coverage for climate-related risks.
### Challenges of Climate Adaptation
Despite the potential for growth and innovation, climate adaptation comes with challenges and costs. The price tag for adapting roads, rail, schools, and homes is steep, and some assets may never be rebuilt due to financial constraints. Industries like alpine skiing and Great Barrier Reef tourism are at risk of decline, while receding coastlines threaten property values.
## The Climate Change Reality
As the planet approaches the 1.5 degrees warming target set by the Paris agreement, the urgency of climate action is undeniable. The latest data suggests that 2 degrees of warming is increasingly likely, with profound implications for ecosystems, economies, and livelihoods. Climate scientists warn that the current year marks the beginning of a new normal in terms of climate impacts.
### Expert Insights
Renowned climate scientist James Hansen emphasizes the accelerating pace of climate change and the need for immediate action to limit global warming. The shifting baseline syndrome underscores the importance of adjusting our expectations and strategies to address the evolving climate reality.
## Conclusion
Climate adaptation is not just a matter of responding to emergencies; it is about preparing for a future where extreme weather events and environmental challenges are the new norm. By investing in resilient infrastructure, innovative solutions, and adaptive strategies, communities can navigate the uncertainties of a changing climate and build a sustainable future for generations to come.
## FAQ
### Q: How can individuals contribute to climate adaptation efforts?
A: Individuals can support climate adaptation by advocating for sustainable policies, reducing their carbon footprint, and supporting initiatives that promote resilience and preparedness in their communities. Additionally, staying informed about climate change impacts and engaging in dialogue with policymakers can help drive meaningful change.