Cost of flooding could rise to £1bn as more bad weather is on its way

As the Environment Agency prepares to announce that further rain could result in the wettest winter for 250 years, the continuing floods and storms are set to leave Britain with a £1bn bill, according to latest estimates.

At the end of January, accountancy firm PwC said that their estimate for insured and uninsured items destroyed by the floods, heavy rain and wind stood at £630m.

But Hiscox, the insurance company, has said that figure could now double as the bad weather has continued.

Hiscox division head Justin Cox said to Sky News: “Many parts of the country are now saturated, which means further flooding is inevitable as the rain continues to fall.

“Parts of the Thames are now flooding too, effecting higher density areas.

“The cost of the floods is already estimated to be over £630m, and if the rains continue into March or April, it’s not impossible for this to become a £1bn event.”

Boris Johnson today moved to reassure Londoners that “maximum preparations” were underway to help protect the capital from flooding.

A total of 14 severe flood warnings are currently in place along the Thames in areas upstream from London, and more heavy rainfall is expected this week.

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