Bill for NSW and Qld flood damage now at $1.2b and rising fast

The LNP government signed the country up for the equivalent  cost of x8 of these disasters and at the time claimed they were cheap. 8 Submarines at only $80Bn was nothing but now when the estimated cost of flood damage in two states is $1.2 Bn it’s a disaster. It’s the cost of a single sub. So shouldn’t that money be easy to find  just cancel one sub. After all delivery isn’t expected until 2040 and the flood damage could be attended to immediately. That National Disaster Fund is $4.5 Bn  only returns 5% interest or $200 M of which the L-NP are so proud. Cancel 4 subs the fund would have $9Bn at 10% the average rate of return of an Industrial Super fund they’d have almost a $1Bn to spend. So much for their money management.

Premier Dominic Perrottet will visit the devastated northern city of Lismore, with six people dead as a result of the NSW floods disaster and insurance payouts expected to soar into the hundreds of millions. The cost in NSW alone is now more than $240 million, according to the Insurance Council of Australia, while estimates taking in Queensland claims as well peaked over $1 billion on Friday.

Source: Bill for NSW and Qld flood damage now at $1.2b and rising fast