Question Period Note: How CED responds to natural disasters

How CED responds to natural disasters

• Canada Economic Development for Quebec Regions remains attentive to the needs expressed by communities and businesses affected by a natural disaster.

• SMEs and communities in Quebec that are affected by natural disasters and have exhausted their resources should contact the Canada Economic Development business office in their region to assess what can be done in their situation.

• Any business affected by a natural disaster should first turn to the Quebec government’s assistance programs.

Canada Economic Development for Quebec Regions has a budget of $10 million in order to support SMEs and communities in eastern Quebec affected by Hurricane Fiona.

To limit the future impacts of climate change, Canada Economic Development for Quebec Regions is helping SMEs reduce the environmental impact of their activities and communities adapt to climate shocks.

CED’s interventions

• Announced on October 4, 2022 by Prime Minister Justin Trudeau and officially launched on March 20, 2023, the Hurricane Fiona Recovery Fund (HFRF) aims to support SMEs and communities in eastern Quebec (Gaspésie and Les Îles-de-la-Madeleine) that were directly affected by Hurricane Fiona. With an envelope of $300 million nationwide, the temporary fund is intended to contribute to recovery efforts and the resumption of economic activity.
• Of this envelope, $10 million will be invested in Quebec in 2023-2024 to cover costs that cannot be covered by insurance or other existing federal and provincial programs.
• In the past, CED has helped communities affected by natural disasters, including the Gaspé community of Rivière-au-Renard, which suffered the impacts of major floods in 2007 and 2010.

Impacts of climate change

• Future extreme weather events, one facet of climate change, include floods, wildfires and storms, causing catastrophic losses, as reported to the Insurance Bureau of Canada. In 2022, severe weather caused approximately 3.1 billion insured losses in Canada, according to the Bureau’s data.
• The impact of climate change has also translated into a 0.8% reduction in GDP in 2021 in Canada, the equivalent of just under $20 billion, as noted by the Parliamentary Budget Officer.
• By 2100, the Climate Institute of Canada estimates that climate change could result in annual revenue losses of $865 billion in Canada.
• In Quebec, the economic burden of the impact of climate change on cities is estimated at around $2.3 billion a year for the next decade, according to a study commissioned by the Union des municipalités du Québec.

Its increased presence on the ground and extensive network across Quebec make Canada Economic Development for Quebec Regions (CED) the federal agency of choice to support efforts to restore and revitalize economic activity in communities affected by disaster. CED is currently delivering the Hurricane Fiona Recovery Fund in Quebec and remains attentive to the current and future needs of communities and SMEs affected by last summer's forest fires.