The December and January storms which devastated large parts of the UK have caused up to £700m of damage to commercial property, according to PricewaterhouseCoopers.
As the water finally drains away, the industry will be asking, could more have been done to mitigate the damage? And how can we become more resilient against future flooding?
So far the debate has centred on government funding and the (now former) chairman of the Environment Agency’s Christmas holiday to Barbados.
Ian Joyner, head of flood risk at CBRE, says there will never be enough money to protect every property from flooding. Awareness of flood risk and protection measures are key, he says.
Sandra Jones, of law firm Weightmans, offers tips to commercial property owners about simple measures to reduce damage – and the risk of a legal dispute – while Mohammad Khan, insurance leader at PwC, discusses the likelihood of a post-flood insurance premium spike.
Dieter Helm, professor of energy policy at New College, Oxford, says more funding for the Environment Agency would be the “worst” possible reaction to the floods crisis, and offers alternative solutions.
Housebuilder Persimmon has also been dealing with a community backlash against its planned development of 650 homes in York, where fields were swamped over the New Year.
