Cost benefit framework:That, to enable a more systematic prioritisation of investment options in risk mitigation before, during and immediately following a natural disaster event, Government adopt and utilise a Disaster Cost Benefit Framework. This Framework will enable Government to estimate the investment required for any given disaster, starting with flood events, and will enable the fast allocation of funding based on detailed and rapid analysis of flood and property modification, mitigation, preparation, response and finance related options including:
• flood modification measures/flood defence (including dams/ water management; levees; waterway or floodplain modifications; etc)
• property modification measures/flood risk mitigation (including land filling; flood proofing; house raising; optimum zoning; removal of development (buy back schemes/relocation))
• response modification measures/flood preparation (including flood warnings; upgrading evacuation routes; evacuation planning; emergency response and education programs; flood data collection and sharing; etc)
• finance related options (including building standard reforms; restructure and reduction of stamp duty; direct subsidies; government reinsurance pools; etc)
The Framework should build on the preliminary version developed by NSW Treasury and provided to this Inquiry. To support this Framework, Government should also use the NSW Adaptation Fund that can be drawn on during or immediately following a flood event.
SrcNUM
Recommendation 16
RecCODE
INQref