Isra-Mart srl: London flooding costs could hit 'tens of billions'

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As the Great British Summer continues to alternate between sunny afternoons and severe weather warnings, a new report has today urged the Mayor of London to step up efforts to protect businesses and communities from increasing flood risks.

The call came in a new report published by the London Assembly's environment committee, which highlights the financial and social impact of heavy rain and resulting floods on the capital.

The report said that London is at risk of serious flood damage in the event of extreme rainfall, adding that it is simply a matter of chance that the city has to date managed to avoid rainfall intense enough to cause widespread flooding.

London's extensive impermeable pavements and roads greatly increase its vulnerability to flooding, which could cause damage to properties and risk lives, the report concluded.

The Association of British Insurers told the committee that it is "very concerned" about London's lack of preparedness, warning that rainfall such as that which caused the UK's 2007 floods could cause far greater damage if it hit London.

"The estimated insured cost of the 2007 event was £3bn, which suggests that a similar event in London could cost tens of billions," the report stated.

Despite noting that much of the flood protection responsibility lies with the Environment Agency, the report identifies ways that the Mayor's Office could help the capital to strengthen its flood defences.

These include better communication of flood risks, extending the Green Roofs Fund to improve drainage, and devising an action plan to restore 15km of rivers by 2015.

The report also urges the Mayor to look beyond traditional public grants from central government to fund such schemes.

"There are plenty of highly beneficial flood protection projects that could go ahead, and there are potential new sources of funding in the private and third sectors as well as the wider public sector," it said.

"Strategic leadership with a cross-sectoral reach could play an important role in bringing funders and planners together, and the Mayor would be well-placed to play this role."