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Flood-related losses are on the rise in Canada and private insurance remains costly or unavailable in high-risk areas. Despite the introduction of overland flood insurance in 2015, following the federal government’s invitation to the insurance industry to participate in flood risk-sharing, federal and provincial disaster financial assistance programs still cover a large portion of these costs. As the risks increase, governments are questioning the sustainability of using taxpayers’ money to finance such losses, leaving municipalities with significant residual risk. The growing number of people and assets occupying flood-prone areas, including public infrastructure, has contributed to the sharp increase in flood damage costs. Based on a literature review and discussions with experts, this paper describes the municipal role in flood-risk management, and shows how provincial and federal financial assistance to municipalities for flood damage in British Columbia and Québec may be counterproductive in fostering flood-risk management at the municipal level. We conclude that municipalities can play a more proactive role in incorporating risk reduction as the key objective of disaster financial assistance and propose three specific policy instruments to help reduce the growing number of people living in flood zones: flood mapping, land-use planning, and the relocation of high-risk properties.
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Many regions are becoming subject to successive flooding and with climate change taking its toll, it is no surprise that we observe a growing interest for risk avoidance strategies such as relocation. Cost-benefit analysis is the dominant tool used by decision-makers to assess flood risk avoidance projects. Yet, few guidelines are available about how to implement such analysis. This paper advocates for a probabilistic cost-benefit analysis and details a step-by-step procedure via a real-world example. The results show that relocation can be a cost-effective strategy for many high-risk properties and neighborhoods. The level of indemnities and the inclusion of intangible losses are two key drivers of profitability. The paper also analyzes three distinct designs of relocation programs. The results reveal that proactive and innovative schemes, such as managed retreat and usufruct arrangements, constitute worthwhile alternatives to a more conventional post-flood response design.