Ken Peacock, chief economist for the Business Council of B.C., agrees the impact of the flooding is so large that it will leave a mark on the economy this year. He also believes the province can absorb the costs, albeit at inflated costs.
“It’s clearly going to impact 2021 economic activity – the closing of the highways, the loss of agricultural animals and crops. It’s absolutely massive. Houses and businesses are totally destroyed and wiped out,” he said in an interview. “But then when you step back, the size of the provincial economy is $260-billion. So even if it’s multiple billions of dollars to rebuild it, it’s relatively small in the context of the whole provincial economy.”