Last year was considered the fourth-worst year in Canadian history in terms of insured damage from severe weather.
According to the Insurance Bureau of Canada, there was a total of $3.13 billion in damage throughout 2023, with $100 million coming from the Canada Day storms throughout Alberta and Saskatchewan.
There was also $40 million in damage in Alberta due to the floods in June. Flooding is expected to cost Canada another $30 billion by 2050.
With 2024 expecting droughts and wildfires, the Alberta government is expecting $1.2 billion in damage throughout the year, with $750 million going towards fighting fires.
According to a 2022 report from a public safety task force, flooding is the greatest climate change risk in Canada, which has led to 1.5 million high-risk Canadian households unable to afford flood insurance.
Alberta has announced $68 million in disaster relief funding for communities in the province hit by floods. This funding is intended for uninsured expenses, like property damage and cleanup costs.