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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.
With climate change induced problems, at least there’s some justification. We collectively (as a country… you and I personally might not have been alive or voting when the mistake was made) failed to elect governments that would prevent it, so we we collectively get to pay for it.
That’s a bit binary and harsh. There are other issues people also vote on, not just this one.
That’s a lot of money!
This should surprise nobody.
Take a step back and look at the voting patterns of coastal communities. The ones in CA might disagree with the ones in NC about guns and abortion and what values ought to be taught in schools but at the end of the day these people's core belief seems to be that the government should (with the resources it has taken from others via coercion) "do things" and so of course it follows that the government should bail them out, however unfair it may be to those who have to pay for it.