The first "Climate Change Risk Assessment" published by the UK Department for Environment, Food & Rural Affairs (Defra) has concluded that flooding will be the biggest threat to the UK this century, with economic losses of up to £12bn ($18.8bn) a year by the 2080s if nothing is done. This compares to current costs of about £1.2bn a year. The insurance industry has been warning the UK government for several years that the current system is unsustainable and that millions of homeowners could find themselves either unable to obtain flood protection on the open market or only able to find cover at an unaffordable price. Environment Secretary Caroline Spelman said that the government could ensure that more homes could be protected from flooding, despite a recent cut in funding for flood defences in the UK. The report also warned that about 500,000 hectares of agricultural land a year could be flooded by the 2080s, equal to about 5% of land stock. There would also be more frequent wildfires. The government plans to use the report as a basis of a national adaptation plan, due for publication in 2013.