Firms given flood warning

The wet weather in England in 2012 cost the economy almost £600 million, according to new research from the Environment Agency

The regulator says the overall cost to businesses of the extreme weather last year was about £200 million, with damage to commercial property and contents alone totalling £84 million.

Flooding occurred one day in five during 2012, the Environment Agency has confirmed, costing businesses affected £60,000 on average.

The agency estimates that 175,000 businesses in England and Wales are at risk of flooding. As part of its annual flood awareness campaign, the agency has urged companies to sign up to receive flood warnings and make a flood plan so they are well prepared.

“It is vital that businesses plan for weather impacts to safeguard their operations today and in the future. Every £1 spent on preventing flooding saves £8 in repairing damage,” said David Rooke, director of flood and coastal risk management at the agency.

Earlier this year, the Chartered Management Institute found that extreme weather was increasingly hampering organisations in the UK.

It reported that ten years ago, extreme weather events interfered with just 15% of businesses each year, but this figure increased to 29% in 2008 and to 49% in 2012. Also, figures published by the Association of British Insurers in February revealed that the cost of flood damage since 2000 has leapt by 200% on the 1990s.

The Environment Agency has published advice to businesses on flood protection on its website environment-agency.gov.uk.