• Those most dependent on public services , as all urban infrastructure from roads to utilities are vulnerable to physical damage and disruptions to their service during extreme weather events . These will need to be repaired at the taxpayer ’ s expense .
Risk : Increased construction costs and house prices Key vulnerabilities :
• First-time home buyers who may find it harder to enter the property ladder
• Construction companies who will need to account for greater build costs
Climate-related hazards will necessitate more specialist and expensive construction techniques including , for example , higher bases to account for rising sea levels . These may increase the cost of new properties , which will make it more difficult for first-time home buyers to afford even entry level properties . It will likely also raise the cost of building public infrastructure projects , which will ultimately be an added expense for the taxpayer .
Risk : Job losses in climate-sensitive industries Key vulnerabilities :
• Tourist-facing businesses including beachside shops , tour providers , taxi operators , restaurants and the hospitality sector ;
• Insurance firms who are likely to face an increased frequency of claims payouts due to damages to properties and vehicles from climate-related events ;
• Retailers and supermarkets whose revenue depend on reliable supply chains ;
• Employees of said climate-sensitive industries such as tourist-facing companies like hospitality and transport , risk-exposed businesses like insurance firms and supply chaindependent businesses including retailers and supermarkets - whose jobs may become uncertain .
Risk : Loss of beaches as sea levels rise Key vulnerabilities :
• Businesses reliant on beachgoers including seaside shops and restaurants
• Taxpayers who may have to contribute to cover the expenses of receding coastlines , such as the construction of sea defences and beach regeneration initiatives
Author : Ryan Robba
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