The wet weather that led to flooding on the Toronto Islands is hitting the city right in the wallet.

According to a city report, the flooding will have cost Toronto about $5 million through the end of July – the lion’s share of that coming from lost ferry revenue.

If the islands remain closed through August, the estimate grows to a $7 million loss.

Toronto Mayor John Tory will announce today  the measures being taken to equip the city for extreme weather events.