Treasurer outlines massive flood costs | Queensland country life

The Queensland Government is currently adding up the substantial costs of damage to roads and infrastructure following massive flooding in South East Queensland over the past 10 days.

The flood damage bill will top more than $2.5 billion and the disaster has reduced economic growth by 0.25% this quarter, according to Treasurer and Trade Secretary Cameron Dick.

Mr Dick outlined on Monday the preliminary cost of last week’s severe weather event to the state budget and the wider Queensland economy.

The Treasurer said the multi-billion dollar impacts reinforce the importance of building infrastructure resilience across the state.

“Right now, our immediate focus is to help families and businesses affected by this disaster get back on their feet,” he said.

“But at the same time, we are beginning the planning work that will create stronger, safer and more resilient communities.

“It is important to note that these estimates of the cost of this severe weather event are preliminary and likely to increase as further damage assessments are conducted.”

Preliminary economic impacts include stimulus programs and support measures of $2-2.5 billion; Reduced economic activity in Queensland; $1 billion and private insurance claims: $936 million

The recovery and support measures include some programs that will be jointly funded by the Commonwealth. Measures also include:

  • nearly $560 million allocated to small businesses, not-for-profit organizations, primary producers, local governments, and sport and community organization facilities.
  • $100 million in hardship payments to more than 11,500 claims, benefiting nearly 30,000 people.

The Treasurer said early indications are that the cost of the SEQ Rain Bomb will be lower than previous events which had a bigger impact on the Queensland region.

“For anyone who throws away valuable possessions or clears mud from their homes, comparisons to other floods don’t mean much,” the treasurer said.

“But the impact on our budget and our economy affects how quickly we can recover from natural disasters.

Preliminary Treasury estimates of a $1 billion reduction in economic activity in 2021-22 equates to about 1/4 percentage point of gross state product (GSP).

The sectors most affected are:

  • agriculture and horticulture
  • construction
  • tourism, accommodation and hospitality
  • wholesale
  • retail business
  • transport and
  • recreational and entertainment activities.

For more information on Personal Hardship Assistance and Essential Services Hardship Assistance, contact the Community Recovery Helpline on 1800 173 349 or visit www.qld.gov.au /community/disasters-emergencies.

For more information on grants to primary producers, small businesses and not-for-profit organisations, call the Queensland Rural and Industry Development Authority on 1800 623 946 or visit http://www.qrida.qld.gov.au .

Information on disaster relief can be found on the Queensland Reconstruction Authority website at www.qra.qld.gov.au

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