By 2100, the impacts of sea level rise and storm surge are predicted to result in a $442 billion economic loss according to a study led by the University of Melbourne and commissioned by the Victorian Marine & Coastal Council and Life Saving Victoria.
- Impacts on land and property along the Victorian coast are predicted to reach a loss of $337 billion, with a further loss of up to $105 billion for wetlands.
- More than 80,000 existing residential, commercial, and industrial properties covering 45,000 hectares will be impacted.
- 144,000 hectares of coastal reserves will be affected as will 288,000 hectares of Victoria’s wetlands.
- The cumulative impact will be about $40 billion by 2040. Without action, it will grow ten times as 2100 approaches.
- Appropriate action over the next decade will dramatically reduce the long-term costs.