IV pushes preventative spend
Infrastructure Victoria (IV) is urging the state government to bolster roads, electricity networks, and buildings against escalating extreme weather events.
A new report warns that without significant changes, disaster recovery could cost Victoria nearly $1 trillion by the end of the century.
Jonathan Spear, CEO of IV, says preemptive infrastructure investments are needed.
“The benefits of investing in more resilient infrastructure now can outweigh the costs of repairing and rebuilding it after extreme weather events and reduce harm to Victorians,” he said.
The report says Victoria's existing infrastructure is largely unprepared for the increasing intensity and frequency of weather disturbances such as bushfires, floods, and storms.
The economic modelling included in the report shows that simple, low-cost solutions could yield substantial returns.
For example, it finds preventative maintenance could save the government $5.10 for every dollar spent under current climate conditions, a figure that could rise to an $8.29 return as weather events intensify.
Particular focus is given to specific climate risks: flooding, bushfire impacts on roads, and extreme winds affecting the electricity distribution system.
Measures such as foamed bitumen stabilisation and optimising the road grade for better flood absorption are cited as particularly cost-effective.
Dr Spear also noted the complexity of adapting to more frequent severe weather, saying there is no one-size-fits-all solution.
“The best solutions to prepare for more frequent and extreme weather events will depend on the type of infrastructure and its location,” he said.
The report serves as a roadmap for government, laying out strategies for prioritising infrastructure resilience and integrating climate considerations into asset management and risk assessment frameworks.
The IV report also follows the state government's 2022 climate resilience action plans, recommending further steps such as establishing consistent climate projections for infrastructure planning and urging regular updates to ensure adaptive measures keep pace with evolving climate models.
The full report is accessible in PDf form, here.