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The Economics Of Hurricanes And Implications Of Global Warming

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Author Info

  • WILLIAM D. NORDHAUS

    ()
    (Yale University, P. O. Box 208268, Yale Station, New Haven, CT 06511, USA)

Abstract

This study examines the economic impacts of US hurricanes. The major conclusions are the following: First, there are substantial vulnerabilities to intense hurricanes in the Atlantic coastal United States. Damages appear to rise with the ninth power of maximum wind speed. Second, greenhouse warming is likely to lead to stronger hurricanes, but the evidence on hurricane frequency is unclear. We estimate that the average annual US hurricane damages will increase by $10 billion at 2005 incomes (0.08 percent of GDP) due to global warming. However, this number may be underestimated by current storm models. Third, 2005 appears to have been a quadruple hurricane outlier, involving a record number of North Atlantic tropical cyclones, a large fraction of intense storms, a large fraction of the intense storms making landfall in the United States, and an intense storm hitting the most vulnerable high-value region in the country.

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Bibliographic Info

Article provided by World Scientific Publishing Co. Pte. Ltd. in its journal Climate Change Economics.

Volume (Year): 01 (2010)
Issue (Month): 01 ()
Pages: 1-20

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Handle: RePEc:wsi:ccexxx:v:01:y:2010:i:01:p:1-20

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Related research

Keywords: Hurricanes; global warming; climate impacts; Katrina;

References

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  1. Paul A. Samuelson, 1998. "How Foundations Came to Be," Journal of Economic Literature, American Economic Association, vol. 36(3), pages 1375-1386, September.
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Cited by:
  1. Michael Oppenheimer, 2013. "Climate change impacts: accounting for the human response," Climatic Change, Springer, vol. 117(3), pages 439-449, April.
  2. Hallegatte, Stephane, 2012. "An exploration of the link between development, economic growth, and natural risk," Policy Research Working Paper Series 6216, The World Bank.
  3. Arun S. Malik & Stephen C. Smith, 2012. "Adaptation To Climate Change In Low-Income Countries: Lessons From Current Research And Needs From Future Research," Climate Change Economics (CCE), World Scientific Publishing Co. Pte. Ltd., vol. 3(02), pages 1250005-1-1.
  4. repec:gwi:wpaper:2012-08 is not listed on IDEAS
  5. Elizabeth Kopits & Alex L. Marten & Ann Wolverton, 2013. "Moving Forward with Incorporating "Catastrophic" Climate Change into Policy Analysis," NCEE Working Paper Series 201301, National Center for Environmental Economics, U.S. Environmental Protection Agency, revised Jan 2013.
  6. Adam Smith & Richard Katz, 2013. "US billion-dollar weather and climate disasters: data sources, trends, accuracy and biases," Natural Hazards, International Society for the Prevention and Mitigation of Natural Hazards, vol. 67(2), pages 387-410, June.
  7. Melissa Dell & Benjamin F. Jones & Benjamin A. Olken, 2013. "What Do We Learn from the Weather? The New Climate-Economy Literature," NBER Working Papers 19578, National Bureau of Economic Research, Inc.
  8. Kousky, Carolyn, 2012. "Informing Climate Adaptation: A Review of the Economic Costs of Natural Disasters, Their Determinants, and Risk Reduction Options," Discussion Papers dp-12-28, Resources For the Future.

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