This paper quantifies the economic impacts of flooding in the Ba River and Penang River catchments in Viti Levu, Fiji. We conducted a detailed assessment of flood damage stemming from two major flooding events in 2012 that severely affected the two important catchments, primarily by using evidence from a novel survey administered in early 2013. We combine these empirical measures of damage with GIS data to estimate total damages from flooding and find that the January 2012 flood caused FJ$36.4 and FJ$12.2 in damages for the Ba River and Penang River catchments, respectively, while the March 2012 flood caused FJ$24.1 and FJ$8.4 in damages for the Ba River and Penang River catchments, respectively. We then estimate the cost of future flooding under moderate and severe climate change projections. Flooding is projected to become more frequent and more severe under both scenarios, with annual losses increasing by 100% with moderate climate change and by 300% with severe climate change. For perspective, damages from a 1-in-50 year flood, which is the estimated return period of the January 2012 event, are projected to cause between FJ$76.5 and FJ$153 million in damages in the Ba River Catchment under these two scenarios.