LONDON (Reuters) – Extreme floods like those swamping parts ofBritain in recent months could become more frequentin Europe by 2050, more than quadrupling financiallosses, if climate change worsens and more people live invulnerable areas, research showed on Sunday.

The study said instances of very extreme floods, which now occurabout once every 50 years, could shorten to about every 30 years,while cases of extreme damage now occurring once every 16 yearscould shorten to once every 10 years.

With shorter cycles of extreme floods and damage, the European'scurrent average losses of 4.9 billion euros a year could reach 23.5billion euros by 2050, a rise of almost 380 percent, said the studyin the journal Nature Climate Change.

Scientists at several universities and research centresin Europe and Australia used climate changemodels, economic data and river discharge data to form theirconclusions.

“Due to climate change and GDP growth, by 2050 aone-in-fifty-years-flood might be one in 30 years so the frequencyof such losses increases dramatically – almost doubling,” saidco-author Brenden Jongman, researcher at the IVM Institute forEnvironmental Studies at VU University Amsterdam.

Extreme damage can more than double the average damage rate usedin the study's calculations. In June last year, extensive floodingresulted in 12 billion euros ($16 billion) of losses in ninecountries across central and eastern Europe, according toreinsurance company Munich Re.

Rising costs

The study said investment in flood protection measures couldhelp reduce the magnitude of overall flood losses in thefuture.

By investing around 1.75 billion euros in suchmeasures, Europe's annual flood losses could be reduced byaround 7 billion euros, or around 30 percent, by 2050, itestimated.

Rising costs from flood damage are due to several factors suchas changes in climate, land use, population and wealth.

The European Environment Agency said last year thatcosts from flooding were also rising in part because more housingwas being built in flood-prone areas.

Better reporting of floods has also contributed to the risingoverall cost of these inundations.

A U.N. panel of climate scientists has said the Earth is set formore heat waves, floods, droughts and rising sea levels frommelting ice sheets that could swamp coasts as greenhouse gasesbuilt up in the atmosphere.

Other bodies, such as the European Environment Agency, havesaid it is likely that rising temperatures in Europe willchange rainfall patterns, leading to more frequent and heavy floodsin many regions.

Britain is currently experiencing its wettest winter on record,resulting in the worst floods for the country in 50 years.

Accountancy firm Deloitte said on Friday there were nearly200,000 insurance claims in Britain in the last three months of2013 due to storms and floods – the highest number of such claimsover a fourth-quarter financial period for 10 years.

It has also estimated that the cost of repairing the damagecaused could reach 1 billion pounds ($1.66 billion). Insurancecompanies such as Aviva and Swiss Re have urged for more action andinvestment to manage flooding.

The paper is available at:http://dx.doi.org/10.1038/nclimate2124

($1 = 0.7317 euros) (Editing by Tom Heneghan)