Researchers from the University of Bristol and water risk modelling firm Fathom used assessed future flood hazards, based on the most recent Met Office climate projections.
Its findings show the forecasted annual increase in national direct flood losses, defined as physical damage to property and businesses, due to climate change in the UK can be kept below 5 per cent above recent historical levels.
This scenario can only be achieved if all countries fulfil the climate pledges they signed up to at COP26 and that countries such the UK, which made further net-zero commitments, actually achieve these on time and in full.
If these are not collectively met, the annual cost of flooding in the UK over the next century could grow by between 13 and 23 per cent, depending on different levels of climate extreme projections.
Lead author Paul Bates, chairman of Fathom, said: “For the first time this flood model gives us a more accurate and detailed picture of the...