New report reveals $6.9 billion cost to the economy from repeated disasters

A NEW report has put a $6.9 billion price tag on the Northern Rivers’ recent natural disasters, outlining a $4 billion economic hit over the past six years.

The Northern Rivers Economic Profile and Natural Hazard Impacts Report was commissioned by the NSW Reconstruction Authority.

Its research and findings were presented by Deloitte.

The report assesses the combined impacts of the 2019-20 bushfires, the 2022 floods and ex-Tropical Cyclone Alfred.

The $6.9 billion in estimated costs account for business and household losses, damage to public assets, lost productivity, disrupted supply chains.

It considered significant social impacts including pressures on health and mental wellbeing, particularly with young people and students in senior years of high school.

The figure also captures government expenditure across emergency response, recovery and support programs.

It was unveiled to business owners from around the region at a breakfast held at Lismore Workers Club.

The findings will be used in the Northern Rivers Disaster Adaptation Plan which is the first region-wide strategy focused on reducing disaster risk.

“This provides us with hard evidence of what the impacts were and highlights the way forward with real data,” Lismore MP Janelle Saffin said.

“We know we’re moving in the right direction, but it must happen a lot faster.

“We also have a lot more work to do in climate resilience adaptation.

According to the report, the Northern Rivers’ Gross Regional Product fell 2.9 per cent below where it should have been over that period due to repeated disasters.

Despite these challenges, the study found signs of resilience.

The region’s GRP grew 17.9 per cent in real terms since 2019.

It reached $22.8 billion in 2024, which closely matches the 18 per cent growth recorded across Regional NSW.

NSW Reconstruction acting head of adaptation and mitigation, Kristie Clarke said the report measures the true scale of the effects to the Northern Rivers economy.

“It’s fantastic to have such a critical piece of research and it will form a key part of the Northern Rivers Disaster Adaptation plan which is progressing across the region.

“We need to collaborate, innovate and work together across industries and businesses to champion resilience, invest in adaptation and shape and economically strong and disaster resilient Northern Rivers.”