The research looked at $318 billion worth of assets and determined that fires, floods and extreme heat posed the greatest risks.
In the 10 years before 2016, extreme weather events cost the Victorian economy an average of $2.7 billion per year.
This figure has increased in recent years, with the 2022 floods costing the Victoria Government $1.8 billion in immediate relief and another $1.7 billion for recovery.
Bushfire currently poses a risk to $23.4 billion of infrastructure, which is estimated to increase to $30.2 billion by 2070.
The risk from extreme heat is estimated to increase by more than double, from $10.8 billion to $25.9 billion.
Shepparton was determined to have multiple high-risk hazards, including flooding, with over $500 million at risk in 2030.
Echuca was also identified as a location facing high risks from bushfire and extreme heat, with between $260 million and $500 million at risk in 2030.
When broken down by infrastructure category, Victorian roads are more at risk than any other type of infrastructure, with $20.2 billion currently at risk from flooding and bushfire.
Roads were also the most expensive asset at risk in Shepparton, with $100 million to $150 million at risk in 2030.
The rail corridor from Shepparton to Melbourne was also found to be at high risk of damage from climate change.
In response to this research, Regional Cities Victoria has called on the Victorian Government to begin upgrading infrastructure to improve resilience.
In April, RCV announced that it would campaign for a four-year $2 billion repair package for regional roads to address deteriorating conditions on top of the existing maintenance budget.
RCV chair and Warrnambool Mayor Ben Blain said the condition of the road network continued to worsen and “you can’t climate-proof roads with pothole funding”.
“Regional Victorians are driving on ageing infrastructure that is more at risk of deterioration and becoming more dangerous every year,” Cr Blain said.
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