Good news, insurance companies are running for the exits on locations increasingly at risk. Homeowners are left screaming in fear of losing their homes after they realised insurance companies can just refuse to offer insurance after just 1 year. Even new homeowners desperate for a home are realising after they bought a new home in a floodplain, it turned out that developers/government tricked them into buying a massive liability where in a few years their million dollar asset becomes nearly worthless.

Bad news, neoliberal governments (even in Australia) are responding to this with socialising the risk via government insurance where rest of population who picked low-risk locations will still have to cover the high risk homes. Oh, and the government are still approving new homes in high-risk areas instead of increasing denisification of low-risk areas close to cities.

It's really painful to watch all this play out slowly.