Flood Risk and Vulnerability Analysis Project - Atlantic Climate ...

Of the 650 flood events in the Flood Events Inventory, fifty-three (53) flood events have damage
estimates [based on data column „Damage Estimate by Storm (once per storm)]‟ totalling about
$252 million (normalized to 2011 dollars) 11 . Damage estimates range from a few thousand
dollars to over $100 million associated with Hurricane Igor in 2010. Eighteen (18) flood events in
the inventory have documented damages of $1 million 8 or more. Damages were identified in the
inventory in 31 of the 56 years over the period 1955 to 2010.The average annual cost is
estimated to be about $8.1 million over the period (1962-2011) represented by data records with
damage information (i.e., $252M/31) or $4.5 million (i.e., $252M/56) if it is assumed that years
with no recorded flood damages are taken into account.
Similarly, eleven (11) flood events have damage estimates [based on data column „DFAA
Damage Report (once per storm)]‟ totalling about $180 million (normalized to 2011 dollars) 8 . All
DFAA damage estimates are greater than $1 million. Damages were identified in the inventory
in 8 of the 11 years over the period 2000 to 2010.The average annual cost is estimated to be
about $22.5 million over the period (2000-2010) represented by data records with damage
information (i.e., $180M/8) or $16.3 million (i.e., $180M/11) if it is assumed that years with no
recorded flood damages are taken into account.
It is suspected though that average annual damages may be higher as many of the records in
the inventory lack damages estimate data.
Table 2-2 summarizes the comparison of the two available damage estimates for events where
both estimates are available. It is clear from this comparison that the estimated damages
resulting from flood events can vary substantially, in some cases by tens of millions of dollars.
Although the DFAA estimates are considered accurate they are not all inclusive (as noted
above) particularly as they do not include damages compensated for through insurance.
Figure 2-2 provides a graphical illustration of flood damage estimates by year. Figure 2-3
provides a summary view of estimated flood damages by decade. Both figures suggest an
increasing trend in flood damages in recent years, however, this is likely related more to the
availability of flood damages data than to the damages themselves.
Figure 2-4 indicates that flood damages related to fall and winter events result in the greatest
dollar value flood damages.
11 Normalization of damage estimates was based on Consumer Price Index (CPI) values from Statistics
Canada. Data was sourced from the Statistics Canada website at
http://www40.statcan.ca/l01/cst01/econ150a-eng.htm. The source reference is documented at the
website as „Statistics Canada, CANSIM, table 326-0021 and Catalogue no. 62-001-X‟. Provincial CPI
values for Newfoundland were available from 1987 to present. Composite Canadian CPI values were
used for dates earlier than 1987.
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