TORONTO — The governments of Canada, Ontario and Toronto recently announced a $1.185-billion commitment to Waterfront Toronto and the Insurance Bureau of Canada (IBC) is applauding the governments for their commitment to flood mitigation.
"Recent flood events in Ontario, Quebec and British Columbia have demonstrated the effect that these disasters can have on communities," said Craig Stewart, vice-president of federal affairs with IBC, in a statement. "As a society, we cannot continue to put Canadians into harm's way. 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."
A portion of the Waterfront Toronto funds will be devoted to protecting the area around the Toronto Port Lands from flooding including diverting the Don River to a naturalized river mouth. As more development in the area is anticipated, investments in flood mitigation will help make this community safer for residents and stronger for economic growth, states a release.
"The era of reckless floodplain development must now end," added 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 co-ordinate on a 'whole of society' approach to reduce risk for consumers."