The impact of natural disasters on Australian business
This is a white paper from BCI Partner, Interactive, on 'The impact of natural disasters on business'.
In recent years, Australia has experienced an unprecedented number of floods, storms and bushfires that have had a devastating effect on properties, businesses, and lives. As our climate continues to change, the frequency and severity of these extreme weather conditions is likely to increase as well. Many organisations are already finding it increasingly difficult to respond proactively to these unpredictable disasters but must face that this is the ‘new normal’.
The significant impact on Australian businesses and supply chains from the recent bushfires and the current COVID-19 pandemic highlights the difficult new reality we are facing due to disasters. These events could not be easily anticipated, and their long-term impacts are still unknown. According to a study conducted by Deloitte Access Economics in 2017, the costs of natural disasters are predicted to grow from $13.2 billion to $39.3 billion by 2050. Given the disasters that have already greatly affected Australia this year, these projections are likely to exceeded.
With costs this substantial and the risks increasing, can your business afford not to have a well-developed, and tested, Business Continuity strategy in place?
Given the increasing likelihood of a disaster occurring that is out of business’s control, success or failure during a disaster is reliant on its owner’s and manager’s planning and preparation for the unpredictable. Instead of your business only reacting to the effects of a disaster, a comprehensive Business Continuity strategy can help proactively protect and help recover your operations swiftly.
Interactive has compiled various research and reports about a wide-scale disaster into a white paper to give you insights on the projected costs of natural disasters and developed resources to guide for when developing your Business Continuity Plan. The document highlights the devastating flood in Queensland and the effects it had within the state and nationally. As we know, history repeats itself. The learnings from this disaster can be adapted to the current circumstances affecting our world.