Final bill from flood damage will be 'very significant', Finance Minister says 

Finance Minister Michael McGrath has said that while it is too soon to estimate the total cost of the damage wreaked by Storm Babet across Cork and Waterford, “the final bill associated with this major flood event is going to be very significant”.

Speaking to reporters in Cork city centre this morning, the Fianna Fáil TD reiterated that Government will be forthcoming in providing financial assistance to repair the damage done to homes, to businesses and to public infrastructure.

“The business scheme will be stood up on Tuesday. 

“The Red Cross have considerable experience of administering the scheme, so once we decided on the final enhancements to the scheme, the Red Cross will open up their communication channel with businesses and initial funding for initial costs that people are facing right now will be provided from next week,” he said.

“In the case of households, that scheme is already up and running and there’s already a phoneline available for affected homeowners who don’t have flood cover to engage, to make that call, and they will receive immediate support from the community welfare office,” Mr McGrath continued.

The relevant local authorities will, he said, be fully compensated in relation to the cost of reinstating public infrastructure that has been damaged.

“All of that will be done outside of their normal budgets because we recognise this is an exceptional event and does warrant an exceptional response from the State,” he said.

Speaking in relation to future flood protections for Midleton – one of the areas most significantly hit by flooding in Cork – Mr McGrath gave assurances that Government is “100% committed to delivering a comprehensive flood relief scheme as quickly as possible”.

The Midleton scheme will cost “at least €50m”, with a formal planning application expected to be submitted in early 2024.

Mr McGrath said it would be important that, where the State puts public money behind flood alleviation measures, that insurance cover for properties in those areas would follow.

He added that any property owners who have suffered flood damage and who do have flood cover “shouldn’t be afraid to claim”, saying that he had spoken with the chief executive of Insurance Ireland, Moyagh Murdock, and had urged that a “fast and compassionate response” from the industry be shown to policyholders who do have cover.