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for entrepreneurs some shows me how that. Bbc

1:03

Sounds Music Radio podcasts,

1:10

Over the next five to ten

1:13

years, they're estimating that flood premiums

1:15

will go up somewhere between five

1:17

hundred and seven hundred percent. Warnings

1:22

about the consequences of climate change

1:24

keep adding up. This is going

1:26

to be a devastating. Hurricane

1:28

a life threatening store.

1:33

The costs to lives and livelihoods

1:35

can be huge, but there's also

1:38

a growing financial price to pay.

1:40

I could often for flood cover

1:42

and that would have made my

1:44

insurance twenty four thousand dollars. Per

1:46

year which is not affordable for anybody.

1:48

The problem now the rain is only

1:50

getting more and more intense and reports

1:53

are flooding are increasing. Whatever.

1:56

You think about the threat of climate change.

1:58

People in A and. You're an industry.

2:01

Say it's the com that biggest. Risk.

2:03

it's a matter of when

2:05

not if the next big

2:07

hurricane comes. Up into

2:09

a fifty four, seventy four eyed in

2:11

on that that like. Twenty

2:14

twenty to see to the plague of

2:16

locusts had everything he could possibly invested.

2:19

In areas same animal hostile

2:21

whether annual premium. To Protect

2:23

property. Suddenly sometimes my insurance agent

2:25

can demand Tommy the best he

2:27

could do with two hundred forty

2:29

five thousand dollars and I was

2:31

like, what are you talking about

2:33

Houses Possible. As

2:37

much as. Is

2:39

leading to unsinkable out. With

2:42

now that abandoned Heinz deflect sitting so

2:44

funny, feeling like it's becoming an unsafe

2:46

place to live. The

2:49

consequences are that they will be people who

2:51

will be forced to leave their communities. And

2:54

it's something the Uk is certainly

2:56

not immune from. Will work

2:58

be homes or households in the

3:01

future. the are effectively uninsurable. Guess

3:03

thrill of he's there are. I'm

3:07

Felicity Hannah. I'm a financial journalist

3:09

sign. I just how much we

3:12

rely on nice. Boring products

3:14

like insurance for the smooth running

3:16

of our lives. but as a

3:18

client wounds. And. The weather worsens.

3:21

I've been wondering if that will still be.

3:23

So sneeze. And what

3:25

it might mean. We find

3:27

ourselves living on an increasingly

3:29

uninsurable planet, and unfortunately, nature.

3:32

Is a little bit cs these days. The

3:37

very idea of insurance. Is to

3:39

say risks the many pay in.

3:41

Said his money for the few

3:43

when they're hit by disaster. But.

3:46

In some parts of the world,

3:48

the frequency of extreme weather events

3:50

means far more claims which is

3:52

ruining the mess. Oh as they

3:54

would say, In the American State

3:56

of Louisiana and that. New

4:02

Orleans coastal city on the

4:04

banks of the Mississippi River.

4:06

Same as such as and mardi. Gras,

4:08

but also a history of

4:11

been hit by catastrophic storms.

4:13

Because. We really sit right on the

4:16

edge of one of the world's great rivers

4:18

and the Gulf of Mexico. We're surrounded by

4:20

water. We are functionally, and I'm. Jessie

4:23

Keen and is professor a Sustainable

4:26

Real Estate and Urban Planning at

4:28

the City's Tulane University. And

4:30

between extreme precipitation patterns between hurricanes

4:32

that rapidly intensify in the Gulf

4:35

of Mexico, you name it. for

4:37

a lot of different reasons. It's

4:39

a very, very risky place to

4:42

live, and it's a matter of

4:44

when not. If the next big

4:46

hurricane comes, the city will flood,

4:49

it will be inundated, and it's

4:51

very likely as I see it,

4:53

that the city will be at

4:55

some point in time. Whether.

4:58

It's this year. Next year, Ten

5:00

years of full generation away it

5:03

will be on capital. As

5:07

a frightening for Dixon. And it's

5:09

the sort of risk assessment insurers.

5:11

In Louisiana off that turned

5:13

into that prices which. Are on the

5:15

up. the increases else sees

5:17

and. A starting to hurt the pockets

5:20

of millions of people who live and

5:22

work. And on cause. I'm

5:25

from Louisiana and and oliveira live across the

5:27

canal all my life and my grandma and

5:29

yourself feel chef of the throw factor that

5:31

here and she's some home and her offered

5:34

lot of people handful to get to have

5:36

a chance of survival. of the info about.

5:38

How that's a jealous. Three

5:41

grades. And stole at west we go

5:43

seafood. Market across from the city. so.

5:46

It's a nice and our markets selling crab

5:48

and shrimp. My home is her as well

5:50

as about forty five hundred our cell. Forty

5:52

five hour an hour. I have the word

5:54

a lot such that Pheasant went on a

5:56

affected and know and be up at an

5:58

integral to that last. Really

6:02

work for more input from the side every month

6:05

so at the and that he and have enough

6:07

to pay my service and of it for long.

6:11

Looking. Hard on creating more room

6:13

to grow. Comforting to cut back

6:15

on. How many harm

6:18

families yeah my as they have how much

6:20

mass of hand and so as as the

6:22

top them are we as though of the

6:24

excess they they don't involve. It will

6:26

sound. Like a a lot

6:28

you know what I do i didn't do

6:31

a when the other far i don't bother

6:33

is mods and we try to conserve and

6:35

muscle we can and up with a home

6:37

all be thankful i fucking anything he can

6:39

do to save money but i've had a

6:41

thing money that has unknown ideal home an

6:43

hour year so he just get a little

6:45

conservative and downs have much. And

6:48

the reason for these increases. The

6:50

city was recently hit by

6:53

back to back hurricane insurers

6:55

are recruiting. My losses. But

6:57

they're also recalculating. Risks as

7:00

more frequent storms predicted to

7:02

com. Storms. Like

7:04

this. We begin

7:06

with the destruction. In Louisiana after

7:08

hurricane Item makes landfall, the

7:10

monsters. Housing

7:13

flash Flood. Twenty

7:21

twenties and twenty twenty one

7:23

we have for her a

7:26

search warrant doses a dozen

7:28

finder. Hurricanes moron and I

7:30

do was a to strongest

7:33

hurricanes in the history of

7:35

Louisiana. Jeff Albright

7:38

runs the independent insurance agent

7:40

and broke his association. Of

7:42

Louisiana. He says his industry

7:44

took a. Big financial hit

7:46

from the repeated pants. There.

7:48

Were over eight hundred thousand

7:51

claims and about twenty five

7:53

billion dollars in losses. So

7:56

the entire system was overwhelmed.

7:59

And as reason the of

8:01

those storms, the homeowners market

8:03

is about thirteen billion dollars

8:06

in the red. And. As

8:08

you may or may not know

8:10

after those for storms, there were

8:12

twelve insurance companies that actually went

8:14

in. Solve and create a massive

8:16

problem in the marketplace here. And

8:18

of course, basic economics would tell

8:21

you that when there's not enough

8:23

availability, the cost is gonna go

8:25

through the roof. Wow,

8:27

what does that mean than for

8:29

premiums for homeowners and imported a

8:32

current premiums let like. We

8:34

have people in South Louisiana

8:36

who are paying eight ten

8:38

twelve, fifteen thousand dollars a

8:41

year for their homeowners policy.

8:43

And. We're not talking about multimillion

8:46

dollar mansions, were talking about

8:48

a nice home worth for

8:50

four hundred thousand dollars. In

8:52

many cases, the homeowner's insurance

8:54

is as much or more

8:56

as their mortgage payments. And

8:59

yes, just talking. About one fight.

9:01

As insurance in the U S,

9:03

property owners need an entirely separate

9:06

policy just in case of flooded

9:08

And guess what? Those prices are

9:10

going to? The. National Flood

9:12

Insurance Program came out with what

9:15

they call risk rating to point

9:17

out, which is a new rating

9:19

system, And so flood insurance premiums

9:21

has gone up astronomically over the

9:24

next five to ten years. They're

9:26

estimating that flood premiums will go

9:28

up somewhere between five hundred and

9:30

seventy one hundred percent. V

9:36

start New financial realities are affecting

9:38

just about every one hand, including

9:40

businesses. Storming of a

9:42

hundred forty four apartments on is

9:45

above one hundred thousand square feet.

9:48

Pc. Gardner is a developer and landlord.

9:50

It used to cost him around seventy

9:53

five thousand dollars a year in so

9:55

his portfolio. Of Prophecies. Just

9:57

listen to what is quite came teeth. The

10:00

time to renew after the hurricane. Hit

10:02

I really wasn't expecting you. Honestly,

10:04

what happened was. My. Insurance

10:06

agent who had been working with for a long

10:08

time. He can demand. Tommy. The

10:11

best he could do was two hundred forty

10:13

five thousand dollars and I was like what

10:15

it is, you talk about houses possible. Pizza.

10:17

Managed to get the price down two

10:20

hundred and seventy five thousand dollars at

10:22

still a hundred grand more than what.

10:24

He was previously paying. you know I it

10:27

like okay maybe this is as high as

10:29

gonna go severed and go higher. So.

10:31

The next year came up, I was really dreading

10:33

it. And he was right to. A

10:36

year later, the quote had gonna

10:38

again by another hundred thousand dollars

10:40

to two hundred and seventy five

10:42

thousand. You know by the and

10:45

I just accepted the fact that. This.

10:47

Is what it is Because of alone

10:49

I have to care. insurance. I have

10:51

no choice in the matter at all

10:53

except it. so it's really stressful. Base

10:55

with insurance is draining. Any. Money

10:58

making from the property. And

11:00

makes a very difficult to do business.

11:03

Peter. Says he doesn't know how long he.

11:05

Can keep paying those prices as

11:07

they. Don't come down. he may have

11:09

to up sticks and nice his business

11:11

elsewhere. Anyway, Just.

11:13

Away from the coast, According

11:15

to insurance broker Jeff Albright,

11:17

some people are already leaving

11:19

were seen as something of

11:22

an exodus from deep south

11:24

Louisiana. We're. Seeing some people

11:26

just say I'm done. I

11:28

had too many hurricanes and

11:30

too much struggle financially to

11:32

me to afford property insurance.

11:34

People moving away from Louisiana

11:36

the so it has a

11:38

ripple effect through the entire

11:41

com. We're. Also, seeing a

11:43

lot of people go uninsured, they just

11:45

decided the premiums are so high I

11:47

can't afford it and so I'm just

11:49

gonna take the risk. And so one

11:51

concern we have is when we have

11:53

some more really big severe hurricanes, they're

11:55

going to be a lot of people

11:58

whose homes were destroyed in the. The

12:00

insurance to rebuild. Will.

12:02

Not come a point where

12:04

some parts of Louisiana are

12:07

just uninsurable. I'm.

12:11

In some significant ways, I think we're

12:13

there. What's.

12:16

Happening in Louisiana makes it clear

12:18

climate change is not a risk

12:20

that will simply change our lives

12:22

at some point in the future.

12:24

Insurers understand it's turning the dial

12:26

up on planes right now. Here

12:29

in the Uk, there are some

12:31

properties that are already deemed uninsurable,

12:34

including one that proudly records it's

12:36

history of flooding somewhere everyone can

12:38

see. I'm

12:40

standing outside a pub called The

12:42

Boats In and Shropshire on the

12:45

banks of the River Seven and

12:47

it's got this door which more

12:49

than any door either. The scene

12:51

has a real story to tell

12:53

painted up on it of a

12:56

different slugs levels they've had over

12:58

the years and I can sounds

13:00

the were Eleven major flood between

13:02

Nineteen Twenty Nine and the year

13:04

two thousand and since two thousand

13:06

and Thirteen, sixteen and four of

13:09

these lines Arab. Of my head it

13:11

is hard to imagine the was a coming up

13:13

the saw and being that hi. I'm

13:20

homeless. The pub is

13:22

gorgeous inside. old. Stone

13:24

Floor Real Ale, a

13:26

traditional English. Visa. Maria

13:29

Bello and latches at Fi.

13:33

Assistance from you. The

13:35

current landlord is Mario Thomas of

13:37

As Your Wages by. The door they

13:40

are ready to go. Britain's you're saying

13:42

has been fought. For

13:45

reversal. The. Pub last

13:47

flooded in October. around five feet

13:49

of river water came gurgling into

13:51

the ground floor, coming right up

13:53

over the ball. How long does

13:55

it take you to get it

13:57

dried out and and reopened? Is

14:00

the weather's good to us and it's not

14:02

raining every day. with the heat's in on

14:04

it takes to school days to get it

14:06

plays on. It takes a lot wrong with

14:09

the polls and. You

14:11

have insurance enough for do not have

14:13

any insurance. They stop that some years

14:15

ago so it's in our interest to

14:18

remove percentage and is in a concise

14:20

and why we do second one for

14:22

these doors United. They've stopped doing the

14:24

insurances some years. yeah because of the

14:27

risk so many times in it's history

14:29

that on onto the or twice if

14:31

you go on a sort of websites

14:33

soon as you put your postcode in

14:36

terms of zero results dancing some reason

14:38

after that thread sense I suppose when

14:40

it comes to flooding this topic, not

14:42

a rest of the seventy three seasons.

14:50

Mario. maybe on his own against

14:53

the elements, but perhaps curiously times

14:55

he decided. He could do qualify

14:57

for flood insurance as a million

14:59

other residents so Heinz in flood

15:01

prone areas across the Uk. but

15:03

unlike in Louisiana, people who aren't

15:05

having to break the bank to

15:08

pay for it because premiums are

15:10

much more affordable. The

15:12

question is my. View

15:16

is the summer two thousand and

15:18

seven. When. A series

15:20

of must has slots have

15:22

seized. Plays

15:25

a central things as a still a

15:27

lot of the night with hundred still

15:30

trapped by the floods across York. Save

15:32

a muslims and southwest whole

15:34

town for cut off. Three

15:36

people died fifty five thousand

15:39

homes. This

15:42

is doubly site looks more

15:44

like a Florida Everglades Homes. Some.

15:46

It's our and possessions. The ranks of

15:48

hobby have. Been a snag because

15:50

because getting service because Lancelet Klein

15:52

we can't I say this again.

15:57

After two thousand and seven and so.

16:00

Foods number of times and the

16:02

catastrophic rise in prices on the

16:04

excesses. it meant that the old

16:06

me man on the street could

16:09

not afford. Flood Insurance.

16:11

And to the insurance industry

16:13

teach become risk averse. Marry.

16:16

Don't I is a flood risk campaign

16:18

up with no Be and an honorary

16:20

doctorate for her work supposing households through

16:23

this kind of crisis. A lot of

16:25

people on the i mean a lot

16:27

of people but declined flood insurance because

16:30

it was too big a risk or

16:32

I was getting telephone calls from people

16:34

saying. My excess of go

16:36

know. That such a

16:38

nibble. Oh cool cool cool.

16:40

Though technically uninsured, now because

16:42

I got to pay the

16:45

first between for leave and

16:47

the worst case, I had

16:49

to thirty thousand pounds towards

16:51

the cost of repairing their

16:53

homes. Like

16:56

Louisiana is now parts of the cave

16:58

in the grip of an. Insurance

17:00

Crisis. Situation last

17:02

nine years until a temporary financial

17:04

six came along. I cannot tell

17:07

you that day slow to read

17:09

time online or did a little

17:11

dogs are really did adults. In

17:13

my kitchen. Flood.

17:16

Read: you probably won't have heard.

17:19

Of it. but it's the reason

17:21

only half a million Uk homes

17:23

in flood prone areas got affordable

17:25

insurance again and still can't Today

17:28

it's chief executive is Andy Board.

17:30

For. Have spoken to people that

17:33

lived through that situation where

17:35

I thought they couldn't afford

17:37

the insurance and only ave

17:39

at fear of the flooding

17:41

but the additional financial concern

17:43

for actually if they are

17:45

flooded. The web be able

17:47

to obtain insurance next time round and also

17:49

knowing that they wouldn't be up to sell

17:51

their homes because no one's going to buy

17:54

a home or high risk of flooding on

17:56

which Com com can insurance which is why

17:58

the need and the case. Agree with

18:00

a compelling. Flattery

18:04

is essentially a pulse of money

18:06

to set. Aside for one

18:08

purpose to shield homeowners. In

18:10

flood zones from the real market

18:13

costs of ensuring that properties the

18:15

way we do it is. we

18:17

clicked Alevi from all insurers in

18:20

the Uk that offer household and

18:22

insurance and use that then to

18:24

cross subsidize the premiums for a

18:27

few are the highest risk of

18:29

flooding for their able to obtain

18:32

a more affordable home insurance policy.

18:34

As a consequence. It

18:36

was set up by an act of parliament. In

18:38

Twenty Sixteen To ease the insurance

18:40

crisis, it takes financial responsibility for

18:42

flood insurance away from your household

18:45

insurance and passes it to flood.

18:47

We see pay a premium to

18:49

your insurer. If you do have

18:51

a flood claim, they will mend

18:53

your home and then the costs

18:55

associated with that. If that's a

18:57

policy that has been passed a

18:59

flat rate we will then reimburse

19:02

the ashore a week. We are

19:04

was described as a ring insurer

19:06

so we ensure the insurance or.

19:08

Ensuring. You. So. We've

19:10

ended up with an layers of insurance.

19:12

Like a sort of risk onion. The

19:15

householder protect themselves with a layer

19:17

of insurance. But then the

19:19

answer is protect themselves with reinsurance

19:22

thanks to fluttery so at the

19:24

moment we can provide cover up

19:27

to two billion pounds worth of

19:29

damage in any one year. That.

19:32

Big part of money allows premiums

19:34

to be heavily. Discounted in flood

19:36

risk areas from what people

19:38

would otherwise pay, it's good

19:40

for consumers in other ways.

19:42

I can't. Help thinking that I

19:45

masking the real costs it hides

19:47

the fact we're already living with

19:49

the financial impacts of climate change.

19:53

There are a couple of catches. To

19:55

flood retake. It doesn't protect

19:57

businesses, which is why Marietta, the

20:00

past landlord we met, can't get

20:02

insurance. And it doesn't protect homes

20:04

built after two thousand and nine,

20:06

but perhaps the biggest cats. Is

20:08

this We will cease to exist By

20:11

twenty Thirty Nine says a matter of

20:13

law where time limited solution to this

20:15

problem. So. Slavery won't

20:17

be around the as up. it's

20:19

going to exit the market. Both

20:22

protect his outer layers of the

20:24

onion against peel away it's twenty

20:26

five year lifespan we've always intended

20:29

as breathing space to find ways

20:31

of transferring. The risks away from

20:33

insurers making than smaller but

20:35

how. One. Way is by

20:38

building better flood defences. Are

20:42

we come to the A Li

20:44

in with this year? It's a

20:46

historic town and Old Georgian sounds

20:48

clearly very tourist is lots of

20:50

independent shops, retailers and it fills

20:52

the coast both sides of the

20:54

Resist seven and it's one of

20:56

many places that now built that

20:58

these slugs to senses insoles on

21:00

one side of the river and

21:02

essentially every time it looked like

21:04

the resisting the first it senses

21:06

slutty Heinz sluts these businesses the

21:08

Environment Agency reinstalls the slut those

21:10

this huge huge missile. Defenses and that

21:13

holds the water bag and that only hold

21:15

the water back on one side of the

21:17

river. And that's because the

21:19

other side of the river is

21:21

largely unprotected, and for years homes

21:24

over there have been regularly plagued

21:26

by slug. Thought

21:30

what has just started on

21:32

building permanent areas are costing

21:34

six and a half million

21:36

pounds. To protect about fifty

21:39

homes. Make Can Irene's home is one of

21:41

them. Ten. Years raping

21:43

for symphonies, Fifty faces. For

21:45

such of the great you know

21:47

Macys is furious. Make and

21:50

Irene have had to become skilled in

21:52

flood recovery. It's been a major feature

21:54

of their retirement so described to

21:56

me if you know of flood is

21:59

coming. You spend your time. What

22:01

you have to do to keep it

22:03

at bay. What we though we've been

22:05

settled Thompson although the photos we still

22:07

got full body is influence of the

22:09

for those are put them on of

22:11

god's on the edge bricks and saw

22:14

it without a stack of soap and

22:16

them them sit in. Price. For

22:20

hims I split the kids you

22:22

place here if you couldn't get

22:24

insurance more women. Be up to Sunday.

22:26

I knew I would rather. Have a.unsellable

22:28

as Bozeman the In a

22:30

Paper Current Solemn, Irene. Which.

22:33

Is has moved here. he'd known that this

22:35

is coming know for nine it was going

22:37

to be that bad but dang it as

22:39

got a lot worse. I have three years

22:41

it been a a trend is to phrase

22:43

twenty. Two years be denied. Floated dog

22:46

is before we married. Slowed to

22:48

a full moon, but not as.

22:50

Often as the As pay. For.

22:52

Your expects it now.it's Era three times

22:54

a year. Save your you dumb for

22:57

college. Die. You don't go away. You

22:59

just. Sigma. The

23:06

need areas can't come soon enough and

23:08

neck and irene that vital for my

23:10

sins and flood Read and. Without

23:12

them their home with simply become uninsurable.

23:15

The cask about slavery that for helping

23:17

he gets an insurance policy on this

23:19

house. Did you know that's going to

23:21

come to an end? In our

23:23

servers in that know whose

23:25

mother decision? By. As

23:27

I don't have a lobbyist, it's not coming to

23:30

an end until at the end of the Twenty

23:32

Sassy's and it always had an endpoint on Somoza.

23:34

Know didn't know that and it's a

23:36

shame because although most remote did sexy

23:38

go them to things are the inverse

23:41

old line the world. Of

23:43

on understand the rules new for them. Out

23:45

of the idea is that they'll be more flood defenses.

23:48

People's. Homes. Looking at the exits of

23:50

and thus far as I'm concerned the

23:52

whole of the country have been fully

23:54

protects his sword voice and soup prison

23:56

ammonia end of his eyes he says

23:58

billions and billions of pounds. Make.

24:01

It right Flood defences are

24:04

expensive to build. An. Insurance

24:06

Need more of them to get. Their

24:08

exposure to climate change down. But

24:10

Molson Melena claims. Director for L

24:12

V. one of the Uk biggest home

24:15

answer is has spotted a big problem.

24:17

With the budgets earmarked to build them.

24:19

I think the latest groves and such

24:22

as that the government has put for

24:24

such resilience is slowly being irradiated and

24:26

actually by inflation save result in the

24:28

ten fatty to a country eight million

24:30

pounds worth of funding over four year

24:32

period sounded good for five years ago

24:35

that not some us now with the

24:37

effects of for inflation empty space saver

24:39

last few years so basically we need

24:41

to turn up the downtown, the pace

24:43

in town, the funding what we do

24:45

not want a success and swearing twenty

24:48

thirty nine with back to where. We

24:50

were before this game started. Wes I

24:52

can see Miss of Tinsley at risk

24:54

of not the out to ensure their

24:56

homes or paying an unreasonably high premiums

24:58

d say. The

25:00

government says that since Twenty Twenty

25:02

One, it's invested more than one

25:05

point five billion pounds to better

25:07

protect Sixty Seven thousand. Homes and

25:09

businesses across the country. The.

25:11

Money at South is part of a

25:14

five point three billion pound packets. the

25:16

flood and coastal erosion. Schemes. That

25:18

is it viable to keep building. More

25:20

and have a bigger flood

25:22

defences. Other places that will

25:24

become too hard to protect

25:26

their uncomfortable questions that Andy

25:28

board from Slattery says i

25:30

ones we need to consider.

25:33

And will the be homes or

25:35

households in the future the are

25:37

effectively uninsurable after foundry exits Then

25:40

Yes, reality is there are and

25:42

the objective is to make the

25:45

number those a small. As

25:47

possible. But if you've got

25:49

property for whatever reason that

25:51

is at risk of flooding

25:53

and floods every year, the

25:55

cannot be an economically affordable

25:57

solution to that through. During

26:00

the will need to be some other. Intervention.

26:03

Oscillation for properties up the I like that.

26:06

If prophecies can't be protected

26:09

or insured, exactly what is

26:11

the other? Intervention or the

26:13

solution And the board was talking

26:16

about the some communities. The

26:18

answer is to retreat. Move

26:20

people homes and communities out

26:23

of harm's way and. As

26:25

one part of the world where

26:27

not some decent concern, a worry

26:29

for the future. It's already happening.

26:32

Over largest extraordinary amount of rise or

26:34

fall and a result has seen as

26:37

the as yet itself is I had

26:39

assaulted in Twenty Twenty see the City

26:41

of Movement on the East Coast of

26:44

Australia and. New on planes, Hit

26:46

a record. Breaking said

26:49

of in Three to fifty

26:51

four, seventy four adding on

26:53

Isis. The city has a long

26:55

history of flooding and have a levy. To

26:58

protect his business district home a race

27:00

high up on still to keep the

27:02

drawing. None. Of those

27:04

measures, Marina floodwaters reached

27:06

record levels fourteen nieces

27:08

high on a decade

27:10

or. So

27:14

to hear this on a warning. So we

27:16

got him. He made it. Home

27:18

were completely submerged even elevated

27:21

one for people sign a

27:23

clean up. Operation was colossal.

27:25

Nothing to be. Saved

27:28

the bookshop suitable

27:30

shop is it

27:32

destroys. It's the

27:34

most expensive natural disaster in

27:36

Australian history, and nearly two

27:38

years on the crisis is

27:40

far from over. Nicky

27:42

Hotly is an economist as an

27:44

advisor to the Australian Climate Council,

27:46

an independent organization looking at the

27:49

science of climate change. the absolute

27:51

worst case scenario in a. Threat.

27:53

At the moment is Lismore. It's got.

27:55

So bad that the insurance payments

27:57

were people are saying. It

27:59

said. Thousand Forty thousand dollars is

28:01

what they've been quoted. Israeli and Dollars.

28:04

And a lot of these households A low

28:06

income households Anyway, That's why they live. In

28:08

these risky areas because they are the most

28:10

affordable. Things.

28:13

About so bad there that in part is

28:15

that northern. Reaches region in the government

28:17

is actually introduced the buybacks game

28:19

because. They said it's so bad there. The

28:22

risk is so high. You.

28:24

Shouldn't be living there. And. We

28:26

can't do anything to mitigate the risk. They

28:28

sell a massive lazy building all shifting houses

28:30

to higher levels. so we're that a bisexual

28:33

houses from you and you need can move

28:35

somewhere else. Is

28:38

the most. Extreme option. The

28:40

point where a government steps in and

28:43

says there are parts of the community

28:45

that simply aren't viable? It's.

28:47

Not the first time he Australian government has

28:49

offered to buy back homes and might not

28:52

be the last. Will the first instance that

28:54

was actually came years. Ago due to flooding

28:56

in. the lucky that he in in pain

28:58

can stay in comedy clubs there and I

29:01

just had an acceptable based so that was

29:03

a fake tan said this is not the

29:05

fucking time this has been done that way

29:07

at any scale And yes it has absolutely

29:09

set a precedent and people are talking about

29:12

this as something that we're going to see

29:14

more of the in the coming decade. It's

29:16

the difficulties that this crazy it's other that

29:18

moving entire communities even if they're and a

29:20

few hundred paypal it's. And

29:23

that's that's a big disruption way to

29:25

they'll go bad as I get absorbed

29:27

into other communities. There are lots. Of questions

29:29

we have an answer about them. And

29:32

and live north south. There are lots

29:34

of questions mainly about who does and

29:37

he doesn't. Different government fi back and

29:39

not for some Africa. About two and

29:41

a half thousand people applied for one.

29:43

apart from everybody thought one. A

29:46

big bone of contention is a

29:48

length of time in prison for

29:50

the assesses to decide who actually

29:52

qualifies faced with the uncertainty. Of

29:54

not knowing. Some people has taking matters

29:56

into their own hands. Among

30:04

those who made the decision to leave less money

30:06

or fan and ever. They

30:09

bought their house just. Eight weeks before

30:11

the floods hit back and twenty

30:13

twenty six hundred year old house

30:15

and it never had war ago

30:17

with in a major of the

30:19

floor before. so pretty much everything

30:21

we ever owned you know was

30:23

in there. everything's out of memory

30:25

decided grass, every toy and stuff

30:27

our kids had ever and was

30:29

olds just when I alighted. Because

30:32

of the damage, they had to move

30:34

into rented accommodation that paying rent as

30:36

well as their mortgage. With the coming

30:39

unaffordable, I simply couldn't hang on to

30:41

see if they'd get a buyback. so

30:43

they had to sell their home adding

30:46

only a fraction of what they had

30:48

just paid for it. Basically when they

30:50

age and came back, sir re evaluate

30:53

just I am. yeah he said lucky.

30:55

probably gonna get about half what you

30:57

paid for a few months ago ends.

31:00

Yes, I am literally. That was. What

31:02

we got the we had see client

31:04

just accept that that was probably the

31:06

best we were gonna guess. Yeah we

31:08

we basically agreed to it because we.

31:11

We just wanted to be clear of the

31:13

mortgage. We couldn't be continuing to pay mortgage

31:15

and rent at the same time. And.

31:19

Will. Be cleaner the in an

31:22

end to citizenship. This. Were.

31:25

Talking to me is in a

31:27

psych everything so the in both

31:29

his entire Pacific ah sh City

31:32

Center parking, Macys, well Christmas and.

31:36

The family is. Getting ready to me to

31:38

Albany. it's the other side of the

31:40

state. Like. Hundreds of others

31:42

His last they're leaving behind

31:45

friends. Family schools solves their

31:47

life. It's thirteen hours drive

31:50

away from our community here.

31:53

Said the long waits on

31:55

yeah sorry we are very

31:57

sad about that like this.

32:00

The Grey Finn in a nine

32:02

leave the last couple years but

32:04

now having to choose to leave

32:06

the community that we have become

32:08

so much support often. Unfortunately where

32:10

we need to guide me out

32:12

all afford to buy any home

32:14

now is is a land where.

32:17

It's just more affordable to lives evans

32:19

we will be. I were to ensure

32:21

our home. Of.

32:25

Course, not everyone wants to move

32:27

away. Not everyone feels they can

32:30

move away. My name is Hop

32:32

Adultery and I'm a social worker

32:34

by trade and I live in

32:36

South Lismore. Like. Many others

32:39

harper lost everything and the floods.

32:41

So. Even today, nearly eighteen months on,

32:44

I'm still rebuilding like us to don't

32:46

have the stars, Some getting his style

32:48

donated to me next week. So it's

32:50

is taking a long time like this

32:52

to be able to cook properly. Although

32:55

he was hoping. For a buyback, he hasn't been

32:57

offered one. And he can't get any

33:00

insurance either. So with me I

33:02

could opt for. Flood cover and that

33:04

would have made my insurance. Twenty four

33:06

thousand dollars per year, which is not

33:08

affordable for anybody. Even if

33:10

he could sell his home. Caught the knows

33:12

that with the money he'd get for. It

33:14

he would struggle to buy anywhere else.

33:17

Say for the time being he says be stuck

33:19

with it. While. Others around him move

33:22

away. What's the

33:24

community? seal? Where. You live

33:26

in a is is it Is it. A pleasant place

33:28

to to people chat to their neighbors. Is that a

33:30

good. Community it was. A.

33:33

Was before the flood I would

33:35

say now is some. Been

33:37

divided, for example, the only house

33:39

illustrate this: getting a buyback is

33:42

an investment property or the other

33:44

houses next to. Across the ride,

33:46

my house is basically told you eligible

33:48

for nor help, So I think that

33:50

it's becoming a really difficult environment for

33:52

the community when you have one neighbor

33:55

getting a complete by out and next

33:57

oh, being told you're eligible for nothing.

34:00

I think that the program has been

34:02

run out really poorly and it's creating

34:04

dysfunctional neighborhoods. And because there's been no

34:06

for side in the bureaucracy and how

34:08

they plan is thing we've now got

34:10

abandoned homes just less sitting there and

34:12

they going to be sitting there for

34:14

years. Suicide squad is may the in

34:17

and stuff like that. So for me

34:19

it's feeling like it's becoming an unsafe

34:21

place to live. What

34:26

will happen to U? S? Your house floods

34:28

again. On on a similar scale. I'm

34:31

not, so I don't think I can mentally

34:33

and physically do it again. My view is

34:35

more places are gonna be Lismore, lose was

34:37

just kind of the canary in the coal

34:40

mine a more places are going to have

34:42

climb and induce managed retreat proposals and I

34:44

just think that it a really missed opportunity

34:46

that we could have shown the world are

34:49

you can do well and unfortunately I think

34:51

we've become a blueprint of how you don't

34:53

do things. Listening.

34:58

To the stories of abandoned homes

35:00

and communities. Being ripped apart. I

35:03

can't help wondering if the quickest fit

35:05

for Lismore might be as Australia does

35:08

the same kind of financial six we've

35:10

done in the Uk. Something like flood

35:12

read: Sealed. The community

35:15

from excessive premiums. While high

35:17

up areas of bills. It's. An

35:19

idea of it's been discussed. And dismissed says

35:21

economist Nicky hotly. After all, if

35:23

a home is too risky for

35:25

an insurer, And perhaps people

35:28

shouldn't be buying those times. says.

35:31

A big debate in Australia. At the

35:33

moment about how to solve this

35:35

problem and whether the government should

35:37

have an insurance pool as a

35:39

last resort an insect the Productivity

35:42

Commission has but of up preeminent

35:44

economic policy organizations they have said

35:46

you cannot meet to signal of

35:49

insurance It. Is they're sending you a

35:51

signal to say that? Risk. Is too high

35:53

that is you say in his place you

35:55

are facing and non acceptable this and that

35:57

doesn't it should. Step in to me.

36:00

It's a killer signal and. I think as

36:02

hard as that, messages. The many people

36:04

to year he these right we have

36:06

in places where people shouldn't be living

36:08

and now the consequences are that they

36:10

will be people who will be forced

36:12

her to leave their communities. Perhaps

36:16

the lesson in all of this

36:18

is that homes don't need to

36:20

be destroyed to be uninhabitable. Being

36:22

uninsurable com be enough. With

36:24

more people face ruined because their

36:27

homes and communities are deemed uninsurable

36:29

and therefore unlivable. Could that be

36:31

what triggers more decisive action from

36:34

governments around the world? When

36:36

people when voters with previously.

36:38

Comfortable lives are left with. no Let

36:41

him this. As

36:43

debate rages among governments around the

36:45

world as. A. Climate change and

36:47

how best to tackle it.

36:49

Insurance companies don't argue, they

36:51

just continue to clinically assess

36:53

the risk. And. On a

36:56

warming planet. The. Risk is rising

36:58

connotations of Biggest Risk and twenty

37:00

twenty two swords with plague of

37:02

locusts that everything he could possibly

37:05

imagine the sex for to continue

37:07

to make concerts affordable and accessible

37:09

through the have to manage that

37:12

respect her and know be seen

37:14

as soft target to fund the

37:16

consequences of climate science. It

37:19

doesn't matter what your politics on climate change

37:21

or of his doesn't even matter of. Insurance

37:25

Company. And

37:28

they are going to be

37:30

charging more for insurance because

37:32

it causes more frequent, more

37:34

severe hurricanes. It causes droughts

37:36

and wildfires. So we all

37:38

have to pay more for

37:40

climate change no matter what

37:42

your politics on that issue

37:44

like the. I

37:52

Santa. Susana d That's the

37:54

name. I certainly hope never to her

37:56

again. English Rose from Bbc Radio

37:58

Four. Last know. They're here. I help.

38:00

Guess I present Transylvania.

38:04

Were even. Is that your of

38:06

I think of Sierra this is

38:08

Rose. Rose is a vampire series

38:10

two pass so. Funny. has

38:13

actually totally looked like

38:15

one. For Star in the

38:17

City of Angels, Be careful.

38:20

Rules sixty. And can see she's

38:22

changed quite a bit since I last

38:24

saw her. She's already. Deeply in

38:26

love with deny the past. starting

38:28

to buy anything. Oh

38:31

no one has i don't

38:33

Listen and bbc. So. Tired.

38:44

Of ads barging into your favorite news

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podcast. Good. News ad free

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with your prime membership. Just.

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Had the amazon.com/ad free news broadcast

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