UK floods are 'less likely than US hurricanes' according to experts, but there've been an awful lot of those recently, and bookmakers have noticed that there's also a fair amount of water in London, particularly around its financial district in the Docklands. So today, they gave Investors their first chance to 'bet' against the possibility of Canary Wharf and the City being flooded by the Thames.
'Rising sea levels and flooding due to climate change could have a devastating effect on both the buildings and the business of the financial districts', came the stern warning from a big German insurer behind the new 'flood bond'. The news comes as UNESCO's World Heritage committee warned that the Tower of London could be threatened by flooding due to global warming. UNESCO has also predicted that just one tidal flood over the Thames Barrier could cost the British economy £30 billion.
From: BEST OF 2008: Eco-friendy and sustainable shoes