IBC lauds governments’ plan to protect Toronto waterfront from flooding

“Era of reckless floodplain development must now end,” says IBC VP

The Insurance Bureau Of Canada (IBC) is applauding the federal, Ontario and Toronto governments for their plan to spend $1.185 billion for a flood protection project for Toronto’s waterfront.

“Recent flood events in Ontario, Quebec and British Columbia have demonstrated the effect that these disasters can have on communities,” says Craig Stewart, vice president of federal affairs for the IBC. “The Toronto Port Lands development will transform an industrial site into an attractive residential community.  Recognizing that this is a floodplain, the federal government, the Government of Ontario and the City of Toronto are investing the needed funds to ensure this new community is inoculated against flood risk.”

From the archives: Flood stats 2016

The three levels of government announced the initiative on Wednesday. The project is designed to provide flood protection for 240 hectares of land through the creation of a naturalized mouth for the Toronto’s Don River. The ultimate goal is to transform the city’s port lands area into mixed-use communities with residential and commercial development surrounded by parks and green space.

The federal government will contribute up to $384 million to the $1.185 billion project, while Ontario and the City of Toronto will each contribute more than $400 million.

“The era of reckless floodplain development must now end,” says Stewart. “IBC is working with the federal and provincial governments, and other organizations focused on flood-related issues, to advocate for a national strategy to address flood risk. Insurance itself is not sufficient; federal and provincial governments can coordinate on a ‘whole of society’ approach to reduce risk for consumers.”

– With files from The Canadian Press

 

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Transcontinental Media G.P.