Measures for disaster risks

– Global airport operators, faced with rising sea levels and more powerful storms as the climate changes, are starting to invest in measures including higher runways, seawalls and better drainage systems to future-proof immovable assets.

In early September, a seawall at Japan’s Kansai International Airport built on a reclaimed island near Osaka, was breached during Typhoon Jebi.

The runway was flooded and it took 17 days to fully restore airport operations, at a high cost to the region’s economy as well as the dozens of airlines that cancelled flights.

Major airports in Hong Kong, mainland China and North Carolina were also closed due to tropical storms last month.

Such incidents highlight the disaster risks to investors and insurers exposed to a sector with an estimated $262 billion (R3.7 trillion) of projects under construction globally, according to Fitch Solutions senior Richard Marshall. “If people aren’t taking that seriously, that is a risk.”

Fifteen of the 50 most heavily trafficked airports globally are at an elevation of less than 9.1 metres above sea level, making them particularly vulnerable to a changing climate, including rising sea levels and associated higher storm surges. – Reuters

Singapore