New report reveals Shrewsbury businesses face £40m in flood losses, more than double official estimates, prompting calls for reform of flood funding

GeoSmart Information Ltd

Businesses in Shrewsbury are facing over £40 million in losses due to flooding, more than double previous estimates, according to a new report released today by the National Flood Forum.

The analysis, carried out by GeoSmart Information using the government-backed Frontier Economics Toolkit, shows that current national flood funding rules fail to account for the real impact on local businesses. It reveals £14 million in additional losses not captured by Environment Agency assessments.

The report was developed in partnership with Shropshire Council and Shrewsbury BID, with funding from the West Mercia Local Resilience Forum. It calls for changes to the way business losses are factored into flood funding decisions, especially in towns with large independent sectors like Shrewsbury.

Tracey Garrett, Chief Executive of the National Flood Forum, said:
"The real costs of flooding go far beyond what national funding models account for. We need to recognise the damage to local economies, not just buildings."

Mark Fermor, CEO of GeoSmart Information, added:
"Our analysis shows clearly that a different funding approach is needed. This model can help towns like Shrewsbury get the support they need."

The report highlights the role of groundwater flooding and drainage failures and calls for better evidence in national cost-benefit approaches.

Spokespeople available for interview:
Tracey Garrett (National Flood Forum)
Mark Fermor (GeoSmart Information)
John Bellis (Shropshire Council)
Stephanie Mansell-Jones (Shrewsbury BID)

Contact:
jonseymour@geosmartinfo.co.uk
tel - 01743 298507
or
info@geosmartinfo.co.uk