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Coastal cities agree record flood-defence funding

Twelve port cities have committed a combined $48 billion to sea walls, drainage and wetland restoration over the next decade.

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The short answer

  • Who: Twelve port cities and two development banks.
  • What: $48 billion for flood defence through 2036.
  • Why now: Insurers report rising storm-surge losses each year.
  • Next: First contracts are due to be tendered in January.

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