One home in six at risk - flood defences as a public good

Flood defences provide a collective barrier against the huge damage that flooding can cause. The benefits are largely non-excludable and the costs of not having effective flood defence infrastructure are enormous. It has been found that one home in six in the UK is at risk of flooding in the years ahead as the impact of climate change becomes more apparent. This BBC news article looks at the need for extra investment in flood defences.

The Environment Agency will today publish a new study warning £20bn of investment is required over the next 25 years to address rising flood risks and that the annual cost to the UK economy of flooding will rise from £2.5bn to £4bn a year by 2035 unless investment in flood defences is increased.