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UK Floods Cost Businesses £800m

March 7, 2014
Environmental Protection

The Federation of Small Businesses (FSB) has estimated that small firms may have lost in excess of £800 million due to the recent floods. The wettest winter in England and Wales since 1766 produced the highest level of insurance claims in over a decade according to the Association of British Insurers.

FSB spokesman John Allan has called on the government to provide more support to the business community saying; “We want the government and the insurance industry to look again at the support they have in place for small businesses in flood-hit areas and see whether there is more help they can provide to ensure they have access to adequate and affordable insurance.”

The government has agreed to put £20 million towards a 20 year flood action plan for the Somerset levels, the amount though falls short of the £100 million total cost of the scheme. Heather Venn, chairman of the Flooding on the Levels Action Group (FLAG) told the Guardian: “It is absolutely crucial that the funding is there, but it is a very positive first step and we welcome much that is in it.”

A recent article published in the journal Nature Climate Change has suggested that flood damage losses across Europe could increase four fold by the middle of the century.