IBC praises federal funding for Fredericton flood mitigation
Published: August 16, 2019
Updated: September 1, 2019
Author: Luke Jones
CATEGORY: Home Insurance
In a press release sent out on Thursday, the Insurance Bureau of Canada (IBC) praised the federal government for pledging funding to Fredericton to help the city mitigate floods. Money from the fund will help communities in the New Brunswick capital manage infrastructure protection against floods.
This year, New Brunswick was amongst three provinces (along with Quebec and Ontario) impacted by severe spring floods.
$11.4 million will be provided by the federal government from its $2 billion Disaster Mitigation and Adaptation Fund. Money will go towards improving transport networks, and to expand wetlands to keep 27,500 residents away from future flood events.
In a press release, the IBC said Fredericton is frequently hit by floods and the government funds will help to mitigate overland water in the future.
“Over the past 11 years, Fredericton residents have been affected by three major floods,” said Craig Stewart, Vice-President, Federal, IBC. “As our climate changes, the frequency and intensity of severe weather events, such as floods, are escalating, driving the need for increased resilience to this new weather reality. Improved infrastructure, including the expansion of wetlands, helps protect communities from the physical and economic impacts of climate change. IBC and its members applaud the federal government’s investment in Fredericton.”
“Last year, insured damage from severe weather across Canada reached $2 billion, the fourth-highest amount of losses on record,” continued Stewart. “However, unlike the 1998 Quebec ice storm, the 2013 Calgary floods or the 2016 Fort McMurray wildfire, no single event caused the high amount paid out for 2018’s losses. Instead, Canadians and their insurers experienced significant losses from a host of smaller severe weather events from coast to coast to coast.”