The Climate Council in Australia has said in its latest report rising sea levels will cause damage worth USD 200 billion of damage to coastal infrastructure of the country by 2100.
The rising sea level would lose its beaches. Sydney's Opera House would be flooded every day and 48,000 homes in Victoria would completely be submerged.
The report Counting the Costs: Climate Change and Coastal Flooding, warns that over half the Australian coastline is at risk of the rising ocean, with 80 per cent of the Victorian coast and 62 per cent of the Queensland coast at risk.
According to the report, Gold Coast, which welcomes over 11 million visitors annually, would be worse hit as a result of rising sea level.
The beach attracts most of the visitors to Gold Coast and with beaches submerged it is highly unlikely that the visitors would come here.
The rising water level could cause damage to roads, rail lines, hospitals, commercial properties, homes, ports and power stations e by the end of the century.
The council has replaced the Climate Commission abolished by the Abbott Government. It predicted in the report that sea levels will rise by between 40cm and a metre by 2100.
The report added that 1.1 metre increase in water level is possible and if it happens then it would put $226 billion in infrastructure at risk of inundation.
The report said that around 250,000 homes were at risk of the worst-case sea level rise, along thousands of commercial buildings, 75 hospitals, five power stations, 120 ports and up to 35,000km of roads and rail lines.
Report author Professor Will Steffen said that Australia should launch measures to reduce its greenhouse gas emissions, saying failure to do so would be "extremely painful and expensive".
"The potential threats to Australia, where the majority of us live on the coast are disproportionately large," he said in a statement. "We're talking about the loss of beaches, property, infrastructure and commercial assets worth billions to our economy," he added.