A new study predicts that droughts, floods and storms could result in billions of dollars in damage to Canada鈥檚 economy by 2050.
The study, published Monday by , an international engineering firm, represents the first time the economic impact of water risk has been calculated at a GDP and sector level in Canada and abroad, according to the company.
The report warns that flooding alone is expected to cost the Canadian economy over $40 billion in the years leading up to 2050, while storms are expected to cost over $34 billion and droughts an additional $14 billion.
In an email to CTVNews.ca, GHD Group said 鈥渢he research combines insurance data with econometric modelling to demonstrate the wider economic impact of increased future water risk.鈥�
Don Holland, an engineer and the Canada water market leader for GHD, said these numbers need to prompt a re-evaluation of how communities and water co-exist.
鈥淲e all know that Canadians need water to thrive, but it can also be one of the most destructive forces a Canadian could experience,鈥� he said in a phone interview with CTVNews.ca on Tuesday.
鈥淲e experience climate change through the lens of water,鈥� he said 鈥� referring to the impacts of too much water, with rising sea levels resulting in flooding or storm surges, or not enough water, with increasing heat resulting in droughts and damaged crops.
鈥淢unicipalities have declared climate change emergencies and goals, but the biggest challenge is translating that into the projects we construct and the infrastructure that we construct in communities,鈥� he said.
Holland said reconsidering infrastructure while assessing potential risks could be 鈥渁n opportunity to make things better.鈥�
He suggested 鈥渘aturalizing鈥� concrete channels, which means planting trees and establishing green space that could absorb excess water.
Holland also pointed out that builders and developers should avoid building 鈥渉ard infrastructure鈥� in areas deemed more susceptible to extreme flooding; instead, he suggested, those areas should be used for community parks or recreational areas that would cost less to repair.
While it comes to maintaining water supply despite increases in droughts and extreme heat, the report points out that Canadian cities such as Toronto are losing 103 million litres of water per day to due to ageing pipes.
鈥淭o help mitigate this sort of wastage, we need to make better use of the growing volume of data being generated to enable predictive monitoring and maintenance of assets,鈥� the report said.
Holland said it鈥檚 not a matter of 鈥渋f鈥� more extreme weather events increase the need for new infrastructure, but 鈥渨hen.鈥�
鈥淲e need to do something,鈥� he said.
鈥淏ut we should look at this as an opportunity to not just do what we need to do, but to make our communities better.鈥�
