Key Indicators for Climate Change and Energy Economics – Economic Impacts of Flooding as an Example of Extreme Weather Events
For the 6th time, WIFO presents indicators of the latest available greenhouse gas emissions data (2011) together with trends in economic performance and energy use for different sectors of the Austrian economy. Total greenhouse gas emissions declined by 2.2 million metric tons of CO2 or 2.6 percent against 2010. At the same time, GDP rose by 2.7 percent. Total primary energy consumption fell by 5.1 percent but coal consumption was on the rise (+2.7 percent) while the use of natural gas (–5.6 percent) and oil (–6.6 percent) decreased significantly. Fossil fuel consumption thus fell by 5 percent; consumption of renewable energy sources declined even more sharply (–5.5 percent). The share of renewables in primary energy consumption thus stagnated at about 27 percent. The decline in energy consumption and greenhouse gas emissions, however, is mostly the result of a warm winter. Due to recent events, the focal point of the present paper deals with methodological issues of how events such as the recent flooding can be used to quantify welfare effects of extreme weather events. Detailed estimates of damage and welfare effects from extreme events form an important basis for decision-making to develop precautionary measures as well as measures of risk and disaster management.
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Volume (Year): 86 (2013)
Issue (Month): 7 (July)
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