Letter: A tide of cash for flood damage
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Sir: The current round of flooding poses questions as to what can be done. Warnings are useful, if well targeted, and sandbags and pumps are a good last resort. Care for the elderly, the less well off, the sick and those evacuated must be an immediate priority, since our research over 20 years shows that they are the worst affected by floods in their homes.
But a longer term strategy must involve comprehensive catchment management and better investment decisions. Our results show that only about half what the public really loses in floods is counted as benefits: none of the important 'intangibles', such as evacuation impacts and adverse health effects, is yet included.
Fundamental also is a revision downwards of the 6 per cent Treasury Discount Rate, which means that investment in flood defences is made only when the benefits in terms of flood damage avoided exceed the costs by 6 per cent per annum, approximately double the historic rate of return on private sector investment.
The Government's expectation of a return from its investment in keeping people dry of double that from private capital, and triple the rate of inflation, is a major reason why we are now seeing the extent of flood damage being suffered today.
Yours faithfully,
E. C. PENNING-ROWSELL
Flood Hazard Research Centre
Middlesex University
Enfield
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments