Reuters blog archive
from The Great Debate UK:
-- Nikolas Scherer is researcher at the Hertie School of Governance and Visiting Fellow at LSE IDEAS. The opinions expressed are his own.--
In some parts of the United Kingdom, the recent floods are the worst on record. Since December 2013, over 5,800 homes have been flooded in England alone. The cost to the UK economy had been estimated at as much as £14 billion, from damage, lost business and general economic slowdown. Whatever the exact figures, the bill will be immense.
At some point, the government has to consider where to get the money from.
There may be lessons to be learned here from a recent trend in the developing world, which has been to use climate insurance, or more technically speaking, index insurance instruments, to hedge against adverse weather events.
In contrast to traditional insurance, the payout is predetermined and depends ultimately on the realisation of a specific weather event – for example a certain wind-speed measured at a particular weather station for a given period of time – and not on the ex-post assessment of a loss adjuster. Pay-outs can be made very quickly and allow a quick influx of capital on a state’s balance sheet: money with which the government can begin the rebuilding process.
from Photographers' Blog:
Fox Lake, Illinois
By Jim Young
Heavy rains brought flooding to the Chicago area this week. Though most people were already starting the clean-up process, there was still some flooding just north of the city.
I headed up to see how they were coping since the Fox River had yet to crest. As I pulled into town, most of the area looked fairly dry but once you got closer to the lake, some of the streets were several feet under water. As I came around a corner, I could see an American flag hanging over a half-sunken retro soda machine sitting in what looked like a lake, but it was actually someone’s backyard.
from Photographers' Blog:
Tewkesbury, southwestern England
By Andrew Winning
On a dull Monday morning in London, my assignment desk rescued me from a dreary assignment to travel to Tewkesbury in Gloucestershire to cover the effects of the second of two consecutive weather systems that brought flooding misery to many parts of southwestern England.
I arrived with about an hour of daylight left to work with and inquired if there was any flooding. Some helpful local people pointed me towards the White Bear pub, on the northern side of the town. As I arrived I found David Boazman, and his brothers Michael and Richard, pumping flood water out of his bar. They kindly invited me in, through the window, to have a look.
from The Human Impact:
** This post is part of AlertNet's special report on water: The Battle for Water
We can think creatively about water management, but unknown large global threats could cause a fundamental reorganisation of life on Earth, according to a water expert with the Stockholm Environment Institute (SEI).