When the storms strike: balancing social costs with private interests [Video]

Basil Sharp is emeritus professor of economics and former director of the Energy Centre, at the University of Auckland Business School.

OPINION: We are going to endure the impacts of Cyclone Gabrielle for years to come. And we can take no comfort from the probabilities reported in the news.

As we have witnessed, a one-in-100-year extreme rainfall event can occur any day, and such an event can follow again the next day or a week later.

Climate scientists expect the frequency of extreme weather to increase in the future, and as with earthquakes, community funding should support the recovery of those impacted by extreme weather and flooding. This is a role for central government.

READ MORE: * Coastal seawalls take on new urgency in Auckland, as properties crumble away * Red stickers, frustration and local heart as Port Waikato starts Cyclone Gabrielle …