Natural catastrophe economic costs are forecast to more than double to $39 billion a year by 2050, according to the Australian Business Roundtable for Disaster Resilience & Safer Communities.

“These costs include significant and often long-term social impacts, including death and injury and impacts on employment, education, community networks, health and wellbeing,” a statement from the roundtable’s member CEOs says.

The annual economic cost of disasters over the 10 years to last year averaged $18.2 billion, equivalent to 1.2% of average GDP, they say. More than 9 million Australians have been affected by natural catastrophes or extreme weather over the past 30 years.

The report, Building Resilience to Natural Disasters in our States and Territories, was prepared by Deloitte. It builds on previous research and loss estimates, and reiterates the case for more resilience and mitigation spending to cut recovery costs.

“We all have a role in ensuring we are as best prepared as we can be to manage and minimise the impact of natural disasters, led by all levels of government in collaboration with communities, businesses and the non-profit sector,” IAG CEO and roundtable member Peter Harmer said.

The report focuses on a “double dividend” from resilience investment, which provides benefits beyond avoided catastrophe losses.

Australian Red Cross CEO Judy Slatyer says natural disasters have a deep social impact that can last for years.

“If resilience projects become embedded in all relevant areas of government planning and policy, we’d see an increase in jobs and community confidence that would drive a strong economy,” she said.

Queensland has been the most disaster-prone state over the past decade, with economic costs representing about 60% of the national total.

The roundtable members are the CEOs of the Australian Red Cross, IAG, Investa, Munich Re, Optus and Westpac.

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