Deloitte Access Economics report - The social, financial and economic costs of the 2022 South East Queensland Rainfall and Flooding Event
An independent Deloitte Report into this year’s South East Queensland floods has revealed an estimated total cost of $7.7 billion to Queensland.
The Deloitte Report considered the social, financial and economic costs of the 2022 South East Queensland Rainfall and Flooding Event that hit 23 local government areas.
Deloitte has taken a broad range of factors into consideration including human and social impacts; damage to residential, commercial and public infrastructure as well as industry disruption; emergency response and clean-up and environmental factors.
The report estimates more than 500,000 people were affected by the floods in some way with an estimated human and social cost of $4.5 billion.
The impact to homes and commercial businesses has been estimated at $2 billion with approximately 18,000 homes or businesses impacted.
Of that, the Insurance Council of Australia (ICA) reported more than 97,000 residential and commercial claims had been lodged with a total value of $1.36 billion leaving approximately $646 million in uninsured residential and commercial losses.
The economic impact on Queensland small businesses was significant with more than 4500 affected and total damage of approximately $324 million.
The floods also had a major impact on Queensland’s agricultural sector with more than 2250 primary producers affected across 17 local government areas at the time of the report with losses estimated to be more than $250 million.
The Queensland Government commissioned this report which builds on the prior body of knowledge and experience following a similar report commissioned after the 2019 North and Far North Queensland Monsoon Trough event.
The report used information collected from government agencies in the first two months following the disaster in conjunction with data from agencies like the ICA and Australian Bureau of Statistics.