Rising seas to smash Aussie homes in $855bn economic disaster
A new report from the Climate Council warns that rising sea levels could cause up to $1.9 trillion in economic damage to Australia by 2100. The study highlights significant risks to coastal property values and government tax revenues, particularly in Queensland.
Why it matters
The findings underscore the long-term economic threat posed by climate change to national infrastructure and the insurance industry.
The Australian cities facing the biggest danger, and economic impacts, from rising sea levels have been revealed.
Australia is facing an $855bn climate catastrophe with warnings storm surges and rising sea-levels will smash home values and economic activity in some of its most desirable areas.
Shockingly, that’s the conservative estimate, with worst case scenarios starting the financial hit closer to $1.9 trillion.
The Climate Council’s Rising Seas Rising Bills report, reviewing data by University of Melbourne professor of environmental economics and biosecurity Tom Kompas, has found the hundreds of billions in losses will include $274.3bn in property and a further $580.7bn cost from land use damages, by 2100.
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