The rain bomb that caused flooding across Queeensland, including Logan and the Scenic Rim is expected to cost at least 2.5 billion dollars.
Treasurer and Woodridge MP Cameron Dick says the massive impact of the floods reinforces the importance of building more resilience into infrastructure across the state.
“Right now, our immediate focus is on helping those families and businesses hit by this disaster to get back on their feet.
“But at the same time, we are beginning the planning work that will create stronger, safer, more resilient communities.
“It’s important to note that these estimates of the cost of this severe weather event are preliminary, and likely to rise as more damage assessments are conducted.”
Preliminary economic impacts include Recovery programs and support measures $2-2.5b, reduction in Queensland economic activity $1b and private insurance claims $936m.
The recovery and support measures include some programs that will be jointly funded by the Commonwealth.
The measures also include nearly $560 million allocated for small business, not-for-profit, primary producers, local governments and sporting and community organisation facilities and $100 million in hardship payments to more than 11,500 applications, benefitting almost 30,000 people.
The Treasurer says initial indications are that the cost of the SEQ rain bomb will be lower than previous events that had a greater impact on regional Queensland.
“For anyone dumping treasured possessions or hosing the mud out of their home, comparisons to other floods don’t mean much.
“But the impact on our budget and economy does affect how quickly we can recover from natural disasters.”
Treasury’s preliminary estimates of a $1 billion reduction of economic activity in 2021-22 equates to around ¼ of a percentage point of gross state product (GSP).
The sectors which have been affected most include agriculture and horticulture, construction, tourism, accommodation and hospitality, wholesale trade, retail trade transport and recreational and entertainment activities.
For information on Personal Hardship Assistance and Essential Services Hardship Assistance, contact the Community Recovery Hotline 1800 173 349 or visit www.qld.gov.au/
For more information on grants for primary producers, small businesses and non-profit organisations, phone the Queensland Rural and Industry Development Authority on 1800 623 946 or visit http://www.qrida.qld.
Information on disaster assistance can be found on the Queensland Reconstruction Authority’s website at www.qra.qld.gov.au
