Despite the catastrophic effects of climate change, a new survey from Previsico, the live flood forecasting and water management data company, reveals that 54% of public sector and private companies do not have a flood action plan in place to deal with the increased risk of flooding.

The majority of people questioned said they had “no plan in place” despite facing costly and disruptive challenges when dealing with the impact of flooding. Not only can flooding result in large losses, but for small businesses the cost of damage can be so high that it kills the business itself, with 40% of SMEs unable to re-open following a disaster such as significant flooding, according to FEMA in the US.

According to data from the Government’s Foresight Future Flooding report, flood losses in the UK are now exceeding £1billion per year. With climate change and pressures on urban development, flood risk is set to increase further, fivefold by 2050.

Data from the Lloyd’s Lab report, however, shows that 70% of commercial flood losses can be mitigated with Previsico’s advanced warnings, which allow businesses to prepare, act, and prevent flooding losses.

Jonathan Jackson, CEO of Previsico, said: “It is vitally important for businesses to consider how they can drive towards actionable change amid climate challenges. Our new survey data highlights how some companies are not taking their flood risk seriously. We believe in giving people the right tools to minimise the impact of flooding in a way that enables them to prepare, act, and prevent.”

Making a ‘Flood Action Plan’ is a key part of preparing for and responding to potential flood incidents, from identifying risk areas through to educating staff on how to handle flood events. A cohesive, pre-prepared flood action plan can benefit both businesses and individual homeowners when it comes to mitigating risk.

Guidance for preparing a ‘Flood Action Plan’ can be gained by consulting Previsico, which offers tailored expertise for each client to mitigate against future flood losses. These plans are supported by Previsico’s actionable alerts up to 48-hours ahead of a flood event using sophisticated data modelling and live on-the-ground IoT sensors for enhanced accuracy.