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Economic costs of extratropical storms under climate change: an application of FUND

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  • Daiju Narita
  • Richard Tol
  • David Anthoff

Abstract

Extratropical cyclones have attracted some attention in climate policy circles as a possible significant damage factor of climate change. This study conducts an assessment of economic impacts of increased storm activities under climate change with the integrated assessment model FUND 3.5. In the base case, the direct economic damage of enhanced storms due to climate change amounts to US$2.8 billion globally (approximately 38% of the total economic loss of storms at present) at the year 2100, while its ratio to the world GDP is 0.0009%. The paper also shows various sensitivity runs exhibiting up to 3 times the level of damage relative to the base run.

Suggested Citation

  • Daiju Narita & Richard Tol & David Anthoff, 2010. "Economic costs of extratropical storms under climate change: an application of FUND," Journal of Environmental Planning and Management, Taylor & Francis Journals, vol. 53(3), pages 371-384.
  • Handle: RePEc:taf:jenpmg:v:53:y:2010:i:3:p:371-384
    DOI: 10.1080/09640561003613138
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    1. William R. Cline, 1992. "Economics of Global Warming, The," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 39, February.
    2. Frances Ruane & Xiaoheng Zhang, 2007. "Location Choices of the Pharmaceutical Industry in Europe after 1992," The Institute for International Integration Studies Discussion Paper Series iiisdp220, IIIS.
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    1. Havranek, Tomas & Irsova, Zuzana & Janda, Karel & Zilberman, David, 2015. "Selective reporting and the social cost of carbon," Energy Economics, Elsevier, vol. 51(C), pages 394-406.
    2. Matthew Ranson & Lisa Tarquinio & Audrey Lew, 2016. "Modeling the Impact of Climate Change on Extreme Weather Losses," NCEE Working Paper Series 201602, National Center for Environmental Economics, U.S. Environmental Protection Agency, revised May 2016.
    3. Jidong Wu & Ying Li & Ning Li & Peijun Shi, 2018. "Development of an Asset Value Map for Disaster Risk Assessment in China by Spatial Disaggregation Using Ancillary Remote Sensing Data," Risk Analysis, John Wiley & Sons, vol. 38(1), pages 17-30, January.
    4. David Anthoff & Richard Tol, 2013. "The uncertainty about the social cost of carbon: A decomposition analysis using fund," Climatic Change, Springer, vol. 117(3), pages 515-530, April.
    5. 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.
    6. Felbermayr, Gabriel & Gröschl, Jasmin, 2014. "Naturally negative: The growth effects of natural disasters," Journal of Development Economics, Elsevier, vol. 111(C), pages 92-106.
    7. James Neumann & Kerry Emanuel & Sai Ravela & Lindsay Ludwig & Paul Kirshen & Kirk Bosma & Jeremy Martinich, 2015. "Joint effects of storm surge and sea-level rise on US Coasts: new economic estimates of impacts, adaptation, and benefits of mitigation policy," Climatic Change, Springer, vol. 129(1), pages 337-349, March.
    8. Yohe, Gary W. & Tol, Richard S. J. & Anthoff, David, 2009. "Discounting for Climate Change," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy (IfW), vol. 3, pages 1-22.
    9. Marten, Alex L. & Newbold, Stephen C., 2012. "Estimating the social cost of non-CO2 GHG emissions: Methane and nitrous oxide," Energy Policy, Elsevier, vol. 51(C), pages 957-972.
    10. Bosello, Francesco & De Cian, Enrica, 2014. "Climate change, sea level rise, and coastal disasters. A review of modeling practices," Energy Economics, Elsevier, vol. 46(C), pages 593-605.
    11. Richard Tol, 2013. "The economic impact of climate change in the 20th and 21st centuries," Climatic Change, Springer, vol. 117(4), pages 795-808, April.
    12. Karen Fisher-Vanden & Ian Sue Wing & Elisa Lanzi & David Popp, 2013. "Modeling climate change feedbacks and adaptation responses: recent approaches and shortcomings," Climatic Change, Springer, vol. 117(3), pages 481-495, April.
    13. Rezai, Armon & Taylor, Lance & Mechler, Reinhard, 2013. "Ecological macroeconomics: An application to climate change," Ecological Economics, Elsevier, vol. 85(C), pages 69-76.
    14. Wang, Mingzheng & Liu, Junling & Chan, Hau-Ling & Choi, Tsan-Ming & Yue, Xiaohang, 2016. "Effects of carbon tariffs trading policy on duopoly market entry decisions and price competition: Insights from textile firms of developing countries," International Journal of Production Economics, Elsevier, vol. 181(PB), pages 470-484.
    15. 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.
    16. Richard S J Tol, 2018. "The Economic Impacts of Climate Change," Review of Environmental Economics and Policy, Association of Environmental and Resource Economists, vol. 12(1), pages 4-25.
    17. Matthew Ranson & Carolyn Kousky & Matthias Ruth & Lesley Jantarasami & Allison Crimmins & Lisa Tarquinio, 2014. "Tropical and extratropical cyclone damages under climate change," Climatic Change, Springer, vol. 127(2), pages 227-241, November.
    18. Jacob Pastor-Paz & Ilan Noy & Isabelle Sin & Abha Sood & David Fleming-Munoz & Sally Owen, 2020. "Projecting the effect of climate change-induced increases in extreme rainfall on residential property damages: A case study from New Zealand," Working Papers 20_02, Motu Economic and Public Policy Research.
    19. Jasmin Katrin Gröschl, 2013. "Gravity Model Applications and Macroeconomic Perspectives," ifo Beiträge zur Wirtschaftsforschung, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, number 48, November.
    20. Marten, Alex L., 2011. "Transient temperature response modeling in IAMs: The effects of over simplification on the SCC," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy (IfW), vol. 5, pages 1-42.
    21. Siap, David & Payne, Christopher & Lekov, Alex, 2019. "The United States Federal Energy Management Program lighting energy efficiency 2017 update and impacts," Applied Energy, Elsevier, vol. 233, pages 99-104.
    22. Antonio Nesticò & Maria Macchiaroli & Ornella Pipolo, 2015. "Costs and Benefits in the Recovery of Historic Buildings: The Application of an Economic Model," Sustainability, MDPI, Open Access Journal, vol. 7(11), pages 1-16, November.
    23. David Anthoff & Richard Tol, 2014. "Climate policy under fat-tailed risk: an application of FUND," Annals of Operations Research, Springer, vol. 220(1), pages 223-237, September.

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