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Understanding the Economic Costs and Benefits of Catastrophes and Their Aftermath: A Review and Suggestions for the U.S. Federal Government

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  • Michael R. Greenberg
  • Michael Lahr
  • Nancy Mantell

Abstract

The number and magnitude of devastating natural and human events make it imperative that we actively and systematically estimate the costs and benefits of policy decisions in affected localities, regions, states, and nations. Such strategic risk management preparedness efforts should forecast well into the future and include scenarios with and without enhanced engineered structures; with reduced vulnerability through land‐use planning and design; with the impact of resiliency and mitigation; with evacuation and relocation; and with the costs and benefits of recovery and restoration. We describe different kinds of regional economic models that can be used in these preparedness planning efforts, explore critical data needs, and advocate a shared federal‐state‐local strategic planning effort to accomplish the objective.

Suggested Citation

  • Michael R. Greenberg & Michael Lahr & Nancy Mantell, 2007. "Understanding the Economic Costs and Benefits of Catastrophes and Their Aftermath: A Review and Suggestions for the U.S. Federal Government," Risk Analysis, John Wiley & Sons, vol. 27(1), pages 83-96, February.
    • Handle: RePEc:wly:riskan:v:27:y:2007:i:1:p:83-96
    DOI: 10.1111/j.1539-6924.2006.00861.x
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    3. Robert Bierkandt & Leonie Wenz & Sven Norman Willner & Anders Levermann, 2014. "Acclimate—a model for economic damage propagation. Part 1: basic formulation of damage transfer within a global supply network and damage conserving dynamics," Environment Systems and Decisions, Springer, vol. 34(4), pages 507-524, December.
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    5. Joost Santos & Christian Yip & Shital Thekdi & Sheree Pagsuyoin, 2020. "Workforce/Population, Economy, Infrastructure, Geography, Hierarchy, and Time (WEIGHT): Reflections on the Plural Dimensions of Disaster Resilience," Risk Analysis, John Wiley & Sons, vol. 40(1), pages 43-67, January.
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    8. Andre F. T. Avelino & Sandy Dall'erba, 2019. "Comparing the Economic Impact of Natural Disasters Generated by Different Input–Output Models: An Application to the 2007 Chehalis River Flood (WA)," Risk Analysis, John Wiley & Sons, vol. 39(1), pages 85-104, January.
    9. David Mendoza‐Tinoco & Yixin Hu & Zhao Zeng & Konstantinos J. Chalvatzis & Ning Zhang & Albert E. Steenge & Dabo Guan, 2020. "Flood Footprint Assessment: A Multiregional Case of 2009 Central European Floods," Risk Analysis, John Wiley & Sons, vol. 40(8), pages 1612-1631, August.
    10. Nadia Benali (a) and Rochdi Feki (b), 2020. "The Relationship between Natural Disasters, Education, ICT and Economic Growth:Empirical Evidence from ARDL Bounds Testing Approach," Journal of Economic Development, Chung-Ang Unviersity, Department of Economics, vol. 45(4), pages 93-111, December.
    11. Michael R. Greenberg & Karen Lowrie & Henry Mayer & Tayfur Altiok, 2011. "Risk‐Based Decision Support Tools: Protecting Rail‐Centered Transit Corridors from Cascading Effects," Risk Analysis, John Wiley & Sons, vol. 31(12), pages 1849-1858, December.
    12. Chen Qing & Shili Guo & Xin Deng & Wei Wang & Jiahao Song & Dingde Xu, 2022. "Stay in Risk Area: Place Attachment, Efficacy Beliefs and Risk Coping," IJERPH, MDPI, vol. 19(4), pages 1-19, February.

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