The Albanese Government's commitment to better invest in disaster risk reduction is underscored by the flagship Disaster Ready Fund.
Federal Minister for Emergency Management Murray Watt said the injection of up to one billion dollars over five years to mitigate potential disaster loss and damage comes at a critical time for Australians.
"As communities across the nation once again face hardship from compounding natural disasters, this Government has delivered on its promise to focus disaster spending on where it will have the greatest impact," said Minister Watt.
"By committing to a billion dollars under the Disaster Ready Fund over the next five years as part of the 2022-23 Budget, the Albanese Government will reduce the physical, economic and the psychological impacts of disasters on Australian communities.
"We can't stop every flood, fie or cyclone.
"But with the severity, intensity and frequency of disasters set to increase, Australia must improve its overall recovery and response capability and encourage greater investment in disaster risk reduction.
"By protecting lives and properties, we can also help Australians deal with rising insurance costs."
The Disaster Ready Fund will curb the devastating impacts of natural hazards by investing in important disaster prevention projects.
Projects will include direct investment in infrastructure, for example flood levees, floodways, seawalls, firebreaks, constructed wetlands and reefs.
Projects that target systemic risk reduction to improve the quality and impact of the response to future disasters will also be eligible.
