Worsening flood costs could rival NZ’s quakes

NELSON, New Zealand: Increasingly severe floods driven by climate change could soon cost New Zealand as much as destructive earthquakes, a study warned on Wednesday.

The country is still reeling from floods that hit its South Island last week. Experts have warned that climate change could make flooding "as destructive to New Zealand as earthquakes", according to Wednesday’s report.

The average annual cost of repairing homes damaged by river floods in New Zealand is set to rise after reaching $62 million, according to research firm CoreLogic and insurance provider Munich Re.