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The Economic Impact of Space Weather: Where Do We Stand?

Author

Listed:
  • J. P. Eastwood
  • E. Biffis
  • M. A. Hapgood
  • L. Green
  • M. M. Bisi
  • R. D. Bentley
  • R. Wicks
  • L.‐A. McKinnell
  • M. Gibbs
  • C. Burnett

Abstract

Space weather describes the way in which the Sun, and conditions in space more generally, impact human activity and technology both in space and on the ground. It is now well understood that space weather represents a significant threat to infrastructure resilience, and is a source of risk that is wide‐ranging in its impact and the pathways by which this impact may occur. Although space weather is growing rapidly as a field, work rigorously assessing the overall economic cost of space weather appears to be in its infancy. Here, we provide an initial literature review to gather and assess the quality of any published assessments of space weather impacts and socioeconomic studies. Generally speaking, there is a good volume of scientific peer‐reviewed literature detailing the likelihood and statistics of different types of space weather phenomena. These phenomena all typically exhibit “power‐law” behavior in their severity. The literature on documented impacts is not as extensive, with many case studies, but few statistical studies. The literature on the economic impacts of space weather is rather sparse and not as well developed when compared to the other sections, most probably due to the somewhat limited data that are available from end‐users. The major risk is attached to power distribution systems and there is disagreement as to the severity of the technological footprint. This strongly controls the economic impact. Consequently, urgent work is required to better quantify the risk of future space weather events.

Suggested Citation

  • J. P. Eastwood & E. Biffis & M. A. Hapgood & L. Green & M. M. Bisi & R. D. Bentley & R. Wicks & L.‐A. McKinnell & M. Gibbs & C. Burnett, 2017. "The Economic Impact of Space Weather: Where Do We Stand?," Risk Analysis, John Wiley & Sons, vol. 37(2), pages 206-218, February.
    • Handle: RePEc:wly:riskan:v:37:y:2017:i:2:p:206-218
    DOI: 10.1111/risa.12765
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    References listed on IDEAS

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    1. Mike Hapgood, 2012. "Prepare for the coming space weather storm," Nature, Nature, vol. 484(7394), pages 311-313, April.
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    Cited by:

    1. Agnieszka Gil & Monika Berendt-Marchel & Renata Modzelewska & Agnieszka Siluszyk & Marek Siluszyk & Anna Wawrzaszek & Anna Wawrzynczak, 2023. "Review of Geomagnetically Induced Current Proxies in Mid-Latitude European Countries," Energies, MDPI, vol. 16(21), pages 1-22, November.
    2. Edward J. Oughton & Mike Hapgood & Gemma S. Richardson & Ciarán D. Beggan & Alan W. P. Thomson & Mark Gibbs & Catherine Burnett & C. Trevor Gaunt & Markos Trichas & Rabia Dada & Richard B. Horne, 2019. "A Risk Assessment Framework for the Socioeconomic Impacts of Electricity Transmission Infrastructure Failure Due to Space Weather: An Application to the United Kingdom," Risk Analysis, John Wiley & Sons, vol. 39(5), pages 1022-1043, May.
    3. Michael Greenberg & Anthony Cox & Vicki Bier & Jim Lambert & Karen Lowrie & Warner North & Michael Siegrist & Felicia Wu, 2020. "Risk Analysis: Celebrating the Accomplishments and Embracing Ongoing Challenges," Risk Analysis, John Wiley & Sons, vol. 40(S1), pages 2113-2127, November.
    4. Ross, Gordon J., 2020. "Self-excitation in the solar flare waiting time distribution," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 556(C).
    5. Edward J. Oughton, 2021. "The Economic Impact of Critical National Infrastructure Failure Due to Space Weather," Papers 2106.08945, arXiv.org.
    6. Agnieszka Gil & Renata Modzelewska & Szczepan Moskwa & Agnieszka Siluszyk & Marek Siluszyk & Anna Wawrzynczak & Mariusz Pozoga & Sebastian Domijanski, 2020. "Transmission Lines in Poland and Space Weather Effects," Energies, MDPI, vol. 13(9), pages 1-13, May.
    7. Kathrin Kirchen & William Harbert & Jay Apt & M. Granger Morgan, 2020. "A Solar‐Centric Approach to Improving Estimates of Exposure Processes for Coronal Mass Ejections," Risk Analysis, John Wiley & Sons, vol. 40(5), pages 1020-1039, May.
    8. Daglis, Theodoros & Konstantakis, Konstantinos N. & Michaelides, Panayotis G. & Papadakis, Theodoulos Eleftherios, 2020. "The forecasting ability of solar and space weather data on NASDAQ’s finance sector price index volatility," Research in International Business and Finance, Elsevier, vol. 52(C).
    9. Daglis, Theodoros & Konstantakis, Konstantinos N. & Michaelides, Panayotis G., 2019. "Solar events and economic activity: Evidence from the US Telecommunications industry (1996–2014)," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 534(C).
    10. Jacek Buko & Jarosław Duda & Adam Makowski, 2021. "Food Production Security in Times of a Long-Term Energy Shortage Crisis: The Example of Poland," Energies, MDPI, vol. 14(16), pages 1-12, August.
    11. Tong Wu & Zhe You & Mengqi Gong & Jinhua Cheng, 2021. "Star Wars? Space Weather and Electricity Market: Evidence from China," Energies, MDPI, vol. 14(17), pages 1-14, August.

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