Flood funds ‘must rise 10%’

20 June 2007
 
The annual budget for flood and coastal defence schemes needs to be increased by ‘at least’ 10% to £750M, according to the Association of British Insurers.
Stephen Haddrill, ABI director general, said: ‘However successful we are at reducing our carbon footprint now, weather damage will worsen over the next 40 years.
‘The Comprehensive Spending Review needs to set out an effective climate risk-management strategy.’
The ABI pointed to the Stern Review for the Treasury, which concluded that ‘adaptation was the only available response for the climate change impacts that will occur over the next few decades [because of historic emissions]’.

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