The Queensland Government is currently adding up the substantial costs of damage to roads and infrastructure following massive flooding in south east Queensland over the past 10 days.
The damage bill from floods will be more $2.5 billion and the disaster cut economic growth by 0.25 per cent this quarter, according to Treasurer and Minister for Trade Cameron Dick .
Mr Dick has outlined the preliminary cost of last week's severe weather event to the state budget and the broader Queensland economy on Monday
The Treasurer said the multi-billion dollars impacts reinforce the importance of building more resilience into infrastructure across the state.
"Right now, our immediate focus is on helping those families and businesses hit by this disaster to get back on their feet," he said.
"But at the same time, we are beginning the planning work that will create stronger, safer, more resilient communities.
"It's important to note that these estimates of the cost of this severe weather event are preliminary, and likely to rise as more damage assessments are conducted."
Preliminary economic impacts include Recovery programs and support measures $2-2.5b; Reduction in Queensland economic activity; $1b and Private insurance claims: $936m
The recovery and support measures include some programs that will be jointly funded by the Commonwealth. The measures also include:
The Treasurer said initial indications are that the cost of the SEQ rain bomb will be lower than previous events that had a greater impact on regional Queensland.
"For anyone dumping treasured possessions or hosing the mud out of their home, comparisons to other floods don't mean much," the Treasurer said.
"But the impact on our budget and economy does affect how quickly we can recover from natural disasters.
Treasury's preliminary estimates of a $1 billion reduction of economic activity in 2021-22 equates to around 1/4 of a percentage point of gross state product (GSP).
The sectors which have been affected most include:
For information on Personal Hardship Assistance and Essential Services Hardship Assistance, contact the Community Recovery Hotline 1800 173 349 or visit www.qld.gov.au/community/disasters-emergencies.
For more information on grants for primary producers, small businesses and non-profit organisations, phone the Queensland Rural and Industry Development Authority on 1800 623 946 or visit http://www.qrida.qld.gov.au.
Information on disaster assistance can be found on the Queensland Reconstruction Authority's website at www.qra.qld.gov.au
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