Toronto Islands flood damage could hit nearly $5M, city finds

Weeks of flooding that threatened to force the evacuation of the Toronto Islands this spring — and continues to keep the park shut — caused about $4.88 million in damages, according to a report released by the city Tuesday.

Those estimates cover the losses anticipated until the end of July. 

• 40% of Toronto Islands underwater, more than half the buildings 'at risk,' city warns

• Toronto Islands permits, city-run recreation programs cancelled until July 31

• Half of Toronto Islands homes still at risk of flooding

The report, released by the general manager of Parks, Forestry and Recreation, said that the exact damage costs can't be tallied until the floodwaters fully recede. 

No ferry rides creates major financial blow

A large portion of the damages  are attributed to the loss of revenue from stalled ferry operations. 

Ferry service has been closed to the public since May 4. 

Municipal staff estimate that if Toronto Island Park remains closed through the end of August, the city will lose another $2.23 million in ferry revenues. 

• Toronto Island businesses 'losing battle' against flooding, bracing for closures

• Flooded Toronto Islands leave wedding and event planners scrambling

In May 2016, the service ferried almost 140,000 to the Toronto Islands — roughly 10 times the number that use the ferry at the same time this year, according to city statistics.

In light of these emerging costs, Mayor John Tory will make an announcement Thursday about how to better equip the city to manage extreme weather events.