By: Luke Jones, Published on June 30, 2017 04:37 PM, Last Update on June 30, 2017 01:39 PM
The Insurance Bureau of Canada (IBC) has applauded the recent announcement that the Toronto Islands and shoreline will be rejuvenated with flood protection
Prime Minister Justin Trudeau, Ontario Premier Kathleen Wynne, and Toronto Mayor John Tory used a joint media conference to announce $1.185 billion to go to the Waterfront Toronto initiative:
This rise in overland flooding has affected urban areas so the new project will bring added protection. It will achieve this by creating a naturalized mouth for the Don River.
Furthermore, the contaminated soil in the area will be cleaned. The project will also unlock currently unused industrial land and develop it by creating new habitats and wetlands for local wildlife.
The IBC says the commitment is welcome:
"Recent flood events in Ontario, Quebec and British Columbia have demonstrated the effect that these disasters can have on communities," said IBC vice-president of Federal Affairs, Craig Stewart. "As a society, we cannot continue to put Canadians into harm's way. The Toronto Port Lands development will transform an industrial site into an attractive residential community.
“Recognizing that this is a floodplain, the federal government, the Government of Ontario and the City of Toronto are investing the needed funds to ensure this new community is inoculated against flood risk."
"The era of reckless floodplain development must now end,” Stewart added. "IBC is working with the federal and provincial governments, and other organizations focused on flood-related issues, to advocate for a national strategy to address flood risk. Insurance itself is not sufficient; federal and provincial governments can coordinate on a 'whole of society' approach to reduce risk for consumers."