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The economic impacts of direct natural disaster exposure

Author

Listed:
  • Johar, Meliyanni
  • Johnston, David W.
  • Shields, Michael A.
  • Siminski, Peter
  • Stavrunova, Olena

Abstract

We estimate the economic impacts of having your home damaged or destroyed by a natural disaster. Regressions with individual, area and time fixed-effects, indicate that experiencing a natural disaster has no impact on employment and income, but substantial impacts on financial hardship and risk aversion. Impacts are particularly large for smaller isolated disasters, which attract little government support. Conversely, impacts of residing in a disaster zone without experiencing residential destruction are small. Using a Group Fixed Effects estimator, we find predictors of financial vulnerability to destruction include age, parenthood, illness, and social support. These results can help improve the allocation of government assistance after future disasters.

Suggested Citation

  • Johar, Meliyanni & Johnston, David W. & Shields, Michael A. & Siminski, Peter & Stavrunova, Olena, 2022. "The economic impacts of direct natural disaster exposure," Journal of Economic Behavior & Organization, Elsevier, vol. 196(C), pages 26-39.
    • Handle: RePEc:eee:jeborg:v:196:y:2022:i:c:p:26-39
    DOI: 10.1016/j.jebo.2022.01.023
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    More about this item

    Keywords

    Natural Disasters; Financial Hardship; Risk Aversion; Mental Health; Resilience;
    All these keywords.

    JEL classification:

    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
    • J21 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Force and Employment, Size, and Structure
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
    • G50 - Financial Economics - - Household Finance - - - General
    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • H84 - Public Economics - - Miscellaneous Issues - - - Disaster Aid

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