Central Bank warns that one in 20 buildings face difficulty getting flood insurance

Central Bank governor Gabriel Makhlouf said 'the clock is ticking' as Ireland runs out of time to take preventative action

Water gushing past manhole covers on the streets of Bantry, West Cork, amid the recent flooding, on October 5. The Central Bank's report says just five counties— Dublin, Cork, Kildare, Clare, and Louth — account for 54% of Ireland's flood protection gap. Picture: Andy Gibson

One in 20 buildings across the country faces difficulties in obtaining flood insurance, while the costs to the State from severe floods are likely to climb significantly in future decades, the Central Bank has warned.

Ireland’s flood protection gap — the shortfall between the cost of flooding and what is covered by insurance — is also set to widen, it said, with just five counties accounting for over half of that gap risk, a major analysis of the issue has found.