The government announced new flood protection to the tune of almost $300 million along the Bow and Elbow Rivers. The aim is to defend Calgary and upstream communities against the type of severe flooding that occurred in June 2013, when more than $6 billion in damage was done to infrastructure and the economy.
According to IBC, extreme weather damage has cost insurers almost $8 billion since 2010 and governments across the country many tens of billions of dollars more. But Bill Adams, vice president, Western and Pacific, IBC, said: "This investment shows the government's commitment to building resilient communities," said.
"Investment today will pay off in the long term. These investments will make our province stronger and able to handle weather events that have become more frequent and severe," he added.
The government announced projects include the building of the Springbank Off-stream Reservoir, funding local mitigation in Bragg Creek and Redwood Meadows, and additional funds for the Alberta Community Resilience Program to support City of Calgary mitigation projects.