Public Safety Canada says cost of natural disasters top risk: report

The cost of natural disasters and their burden on the federal government is the country’s top public safety risk, Global News reported this week, based on documents it obtained through access to information laws.

“What’s more, the government’s emergency response may not have the infrastructure to handle a large-scale event, and a federal program to help provinces pay for damage will be assessed for ‘sustainability,’ says the document from Public Safety Canada,” the TV news outlet reported on its website Tuesday.

That’s referring to the Disaster Financial Assistance Arrangements program.

“Under the formula, Ottawa pays up to 90% of the remainder of eligible costs,” according to Global. “Since 1970, the government has paid out more than $2.3 billion, according to Public Safety Canada.”

Last year, natural perils worldwide caused $72 billion in insured losses, according to Aon Benfield.

The severe thunderstorm and flooding in the Greater Toronto Area on July 8 this year has been estimated to have caused about $850 million in insured damages, according to the Insurance Bureau of Canada.

Meanwhile, preliminary loss estimates from the severe flooding in southern Alberta this June are varied, as claims teams and the government continue to assess the damage there.