The south and west of England needs £8bn to protect against sea level rise, according to a report by the Association of British Insurers (ABI).
The report examined the impact of a 40cm sea level rise, expected by 2050, on England's most vulnerable coasts. Flooding will cause up to £16bn of damage per incident, affecting 400,000 homes - 50% more than today.In a parallel statement, the minister for environment, food and rural affairs, Ian Pearson, said: 'Adapting to the consequences of climate change is already a key consideration in managing the risks of flooding. We know that sea levels are rising and this will get worse over time. This is why we need to work with natural processes rather than against them and also ensure that those responsible for designing flood defences adapt to the long-term impact of climate change.'The ABI wants the government to take a 50 to a 100-year view to manage England's flood defences. Action now could save billions of pounds in the future, halving costs with adequate flood management in place.