Australian cities face significant economic risk from natural disasters due to building and infrastructure damage and lost productivity, according to a new report which calls for better disaster mitigation, land-use planning and stronger building codes.

In its latest report prepared in conjunction with SGS Planning & Economics, Insurance Australia Group (IAG) has mapped each of the regions throughout Australia and each of their economic exposure to various types of natural disaster. It found that: $326.6 billion (20.3 per cent of the economy) and 3.9 million…