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The economic effects of financial relief delays following a natural disaster

Author

Listed:
  • Navid Attary
  • Harvey Cutler
  • Martin Shields
  • John W. van de Lindt

Abstract

In the U.S. the economic damages of natural disasters have increased substantially over time. While private insurance payouts tend to arrive relatively quickly, federal recovery monies are often allocated unevenly, with some communities waiting years to receive previously designated funds. We examine the costliness of delay by linking an economic model of the Joplin, Missouri economy to a civil engineering model that replicates the damage from a tornado that devastated the community in 2011. Building damage estimates from the natural hazard and engineering models are translated into capital stock losses, which subsequently impact the local economy through lost output. We examine several different recovery paths, with a focus on differences in the timing of recovery assistance. Our results show that delaying financial assistance can have important, irretrievable adverse outcomes in the short run.

Suggested Citation

  • Navid Attary & Harvey Cutler & Martin Shields & John W. van de Lindt, 2020. "The economic effects of financial relief delays following a natural disaster," Economic Systems Research, Taylor & Francis Journals, vol. 32(3), pages 351-377, July.
  • Handle: RePEc:taf:ecsysr:v:32:y:2020:i:3:p:351-377
    DOI: 10.1080/09535314.2020.1713729
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    Cited by:

    1. Yuchen Hu & Harvey Cutler & Yihua Mao, 2023. "Economic Loss Assessment for Losses Due to Earthquake under an Integrated Building, Lifeline, and Transportation Nexus: A Spatial Computable General Equilibrium Approach for Shelby County, TN," Sustainability, MDPI, vol. 15(11), pages 1-24, May.
    2. Ruohan Wu, 2023. "Natural disasters, climate change, and structural transformation: A new perspective from international trade," The World Economy, Wiley Blackwell, vol. 46(5), pages 1333-1377, May.
    3. Brad Hartman & Harvey Cutler & Martin Shields & Dave Turner, 2021. "The economic effects of improved precipitation forecasts in the United States due to better commuting decisions," Growth and Change, Wiley Blackwell, vol. 52(4), pages 2149-2171, December.

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