Rising seas to smash Aussie homes in $855bn economic disaster

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. RELATED: Climate Council: Australia’s most uninsurable areas, more than 2 million at risk Millions of Aussie homes at risk of LA-style firestorm, experts warn Rooftop ‘sponge cities’ to fight floods, slash bills It’s projecting 267,000 coastal properties, and about 2 million hectares of land will be flood damaged as sea levels rise, with hotspots ranging from Melbourne’s Docklands and Southbank areas, to the Gold Coast in Queensland and the NSW Central Coast. The report is bi...