The
Insurance Bureau of Canada (IBC) has congratulated the Government of Canada, the Government of Ontario and the City of Toronto for their parts in funding the Waterfront Toronto initiative.
In total, the federal government and the governments of Ontario and Toronto committed about $1.185 billion to the initiative.
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"Recent flood events in Ontario, Quebec and British Columbia have demonstrated the effect that these disasters can have on communities," said IBC vice-president of Federal Affairs, Craig Stewart. "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 funds donated will be used to help protect areas around the Toronto Port Lands from flooding. One such project under Waterfront Toronto is diverting the Don River to a naturalized river mouth.
"The era of reckless floodplain development must now end,” Stewart added. "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 coordinate on a 'whole of society' approach to reduce risk for consumers."
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