Canadian cities and towns facing an uphill battle to stave off the effects of climate change will share more than half a billion dollars from a new federal adaptation fund, but the money is barely a blip in the bills Canadian municipalities are facing for floods, fires and other severe weather.
Under the initiative, local governments can apply for up to $1 million to help cover adaptation project costs and up to $70,000 for risk assessments and feasibility studies.
Buying out all the properties built in an old Abbotsford, B.C., lakebed hit by devastating floods in 2021 could cost nearly $1 billion. But that’s less than half of the $2.4-billion cost of the most expensive option put forward by the municipality to ward against future floods, a new study has found.
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