Switzerland spends big on flood protection – but is it enough?

Protecting against floods is an expensive undertaking, but a recent analysis shows it is far more cost-effective than rebuilding after natural disasters. In Switzerland, where a large share of the population faces flood risks, the state invests heavily in prevention. Last autumn, cars piled in mud and rubble filled the streets of Valencia, Spain. These scenes of destruction and confusion followed similar ones in Italy, France, Germany and other European countries hit by violent floods in the preceding weeks. Switzerland, with its many rivers and streams, has also faced such disasters. Last summer, heavy rain claimed lives and caused severe damage in the south of the country. Climate change is making such exceptional events more frequent. There is good news, however: flood protection works. It prevents damage and saves money – to the tune of ten times the cost of rebuilding, according to a study by the Swiss Re Institute, an in-house division of the reinsurer Swiss Re that does risk ...