Survey finds floods cost businesses an average of $200,000
The average business affected by this year’s floods lost $182,000, with some that responded to a survey reporting their losses topped $500,000.
The 2022 floods had a huge impact on Queensland business (AAP Image/Darren England)
The Chamber of Commerce and Industry survey also found that 70 per cent of businesses that made an insurance claim from the floods were yet to have their claims finalised.
The floods had a major impact on Queensland business but compared to the 2011 floods a smaller proportion of businesses were affected (67 per cent in 2011 compared with 49 per cent in 2022).
However, the survey found the impacts were widespread and the share of businesses indirectly impacted was far greater. It found 62 per cent were impacted through affected suppliers compared with 38 per cent in 2011.
Another 40 per cent were affected by staff not being able to work and almost 70 per cent said their customers were impacted.
Half of flood impacted respondents said they had lost earnings through either direct or indirect impacts.
About a third of respondents who lost earnings said they did so through indirect impacts.
“The result clearly shows businesses outside of the inundated areas can still experience significant lost earnings,” CCIQ said.
Of those businesses that had to close during and immediately after the flood, 62 pe cent were shut down for up to five days.
“On average, businesses indicated being otherwise impacted for 32 days, with the median impact 14 days,” CCIQ said.
But about 40 per cent said they were still affected six months after the floods.
Most respondents said they had not made an insurance claims and 10 per cent said they were unable to despite making efforts.
“Of the businesses that made an insurance claim as a result of the floods, only 24 per cent indicated their claim had been processed six months on from the event,” CCIQ said.