Home / Regulatory & Government / Deloitte report outlines Queensland flood cost
1 August 2022
A Deloitte report has revealed this year’s floods in southeast Queensland cost $7.7 billion across 23 affected local government areas.
The report estimates more than 500,000 Queensland residents were affected by the floods, with the human and social costs in the region of $4.5 billion.
Homes and commercial businesses were estimated to have damage of around $2 billion, with approximately 18,000 homes or businesses impacted. More than 4500 small businesses were affected, with losses amounting to $324 million.
The Insurance Council of Australia (ICA) reported more than 97,000 residential and commercial claims had been lodged with a total value of $1.36 billion.
Queensland Deputy Premier and Minister responsible for the Queensland Reconstruction Authority Steven Miles says the figures reveal an approximate $646 million uninsured loss for residents and businesses.
The state’s agricultural sector was also severely affected by the floods, with losses evaluated at more than $250 million and causing an increase in vegetable pricing across the country, including lettuce.
“The key findings of this report highlight the sheer extent of the damage caused by these floods,” Mr Miles said.
Mr Miles says the report’s findings coincide with the State Government’s State Recovery and Resilience Plan 2022, which outlines recovery progress and long-term plans to rebuild communities.
“The human, social, environmental and economic impact from this event is of great significance and in the true Queensland way, we will continue to work shoulder-to-shoulder with local governments and communities on the road to recovery.”