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Floods, Bushfires and Sectoral Economic Output in Australia, 1978–2014

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Listed:
  • Mehmet Ali Ulubaşoğlu
  • Muhammad Habibur Rahman
  • Yasin Kürşat Önder
  • Yiqun Chen
  • Abbas Rajabifard

Abstract

Using state‐level annual variation in natural disasters and economic output in Australia, we estimate the direct effects of floods and bushfires on sectoral gross value added during the period 1978–2014. We find that floods exert an adverse and persistent effect on the outputs of agriculture, mining, construction and financial services sectors. For example, our estimates indicate that a state that experienced a flood in a given year encountered, on average, 5–6 per cent lower agricultural output in both that year and the following year, compared to another state with no such flood experience. Sectoral responses to bushfires are more nuanced.

Suggested Citation

  • Mehmet Ali Ulubaşoğlu & Muhammad Habibur Rahman & Yasin Kürşat Önder & Yiqun Chen & Abbas Rajabifard, 2019. "Floods, Bushfires and Sectoral Economic Output in Australia, 1978–2014," The Economic Record, The Economic Society of Australia, vol. 95(308), pages 58-80, March.
    • Handle: RePEc:bla:ecorec:v:95:y:2019:i:308:p:58-80
    DOI: 10.1111/1475-4932.12446
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    Cited by:

    1. Ihtisham A. Malik & Robert Faff, 2022. "Industry market reaction to natural disasters: do firm characteristics and disaster magnitude matter?," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 111(3), pages 2963-2994, April.
    2. Samet Gunay & Walid Bakry & Somar Al-Mohamad, 2021. "The Australian Stock Market’s Reaction to the First Wave of the COVID-19 Pandemic and Black Summer Bushfires: A Sectoral Analysis," JRFM, MDPI, vol. 14(4), pages 1-19, April.
    3. 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.

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