Boscastle's flood loss estimated at £50m

The cost of the flash flood that devastated the Cornish village of Boscastle could reach £50m, experts have estimated.

The cost of the flash flood that devastated the Cornish village of Boscastle could reach £50m, experts have estimated.

The village's main source of income is tourism and Monday's flood coincided with the busiest time in the tourist calendar. There is little prospect of tourists being able to visit the harbour and village centre in the next few months.

Tim Young, chairman of Devon and Cornwall Business Council, who visited the village yesterday, said: "We estimate between 20 and 25 business properties have been destroyed. Boscastle relies entirely on tourism. The floods have totally wiped out the summer season.

"Cash flow has gone, employees will be displaced and the village could lose as much as £25m in the next eight to 12 weeks on business lost."

The business council is appointing support officers to help business owners in the area. Mr Young said: "A whole lot of support mechanisms will be put in place to help the local business community. Already offers of help are coming in.

"If everything is up and running and back to normal by next Easter, it will be a minor miracle. We're going to have to totally rebuild the image of Boscastle. The long-term cost of the flooding could even be as high as £50m."

Boscastle town council met yesterday to discuss setting up an appeal for flood victims.