Floods and higher grocery prices reveal cost of climate inaction: Economists

The costs of more frequent and severe natural disasters are mounting, and economists say we need to get used to it. Photo: AAP

The economic cost of Australia’s fourth serious flood in just 18 months is tipped to run into the millions of dollars, but economists say it’s just the tip of the iceberg.

Australians have already lodged more than $4.8 billion in flood insurance claims this year, as flood waters take a huge toll on people’s lives and continue to destroy properties in New South Wales.