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Tropical Cyclone Losses in the USA and the Impact of Climate Change: A Trend Analysis Based on a New Dataset

Author

Listed:
  • Silvio Schmidt
  • Claudia Kemfert
  • Peter Höppe

Abstract

Economic losses caused by tropical cyclones have increased dramatically. It can be assumed that most losses are due to increased prosperity and a greater tendency for people to settle in exposed areas, but also that the growing incidence of severe cyclones is due to climate change. This paper aims to isolate the socio-economic effects and ascertain the potential impact of climate change on this trend. Storm losses for the period 1950-2005 have been adjusted to 2005 socio-economic values so that any remaining trend cannot be ascribed to socio-economic developments. In the period 1971-2005, losses excluding socio-economic effects show an annual increase of 4% per annum.

Suggested Citation

  • Silvio Schmidt & Claudia Kemfert & Peter Höppe, 2008. "Tropical Cyclone Losses in the USA and the Impact of Climate Change: A Trend Analysis Based on a New Dataset," Discussion Papers of DIW Berlin 802, DIW Berlin, German Institute for Economic Research.
  • Handle: RePEc:diw:diwwpp:dp802
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    File URL: http://www.diw.de/documents/publikationen/73/diw_01.c.86656.de/dp802.pdf
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    Cited by:

    1. Silvio Schmidt & Claudia Kemfert & Peter Höppe, 2008. "The Impact of Socio-economics and Climate Change on Tropical Cyclone Losses in the USA," Discussion Papers of DIW Berlin 824, DIW Berlin, German Institute for Economic Research.
    2. Stéphane Hallegatte, 2012. "An exploration of the link between development, economic growth, and natural risk," Post-Print hal-00802047, HAL.
    3. Eric Neumayer & Fabian Barthel, 2010. "Normalizing economic loss from natural disasters: a global analysis," GRI Working Papers 31, Grantham Research Institute on Climate Change and the Environment.
    4. Liu, Jing, 2012. "Weather or Wealth: An Analysis of Property Loss Caused by Flooding in the U.S," 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington 124992, Agricultural and Applied Economics Association.
    5. Sutapa Chaudhuri & Anirban Middey & Sayantika Goswami & Soumita Banerjee, 2012. "Appraisal of the prevalence of severe tropical storms over Indian Ocean by screening the features of tropical depressions," 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. 61(2), pages 745-756, March.
    6. Fabian Barthel & Eric Neumayer, 2012. "A trend analysis of normalized insured damage from natural disasters," Climatic Change, Springer, vol. 113(2), pages 215-237, July.
    7. Melanie Gall & Kevin A. Borden & Christopher T. Emrich & Susan L. Cutter, 2011. "The Unsustainable Trend of Natural Hazard Losses in the United States," Sustainability, MDPI, Open Access Journal, vol. 3(11), pages 1-25, November.

    More about this item

    Keywords

    Climate change; tropical cyclones; loss trends;

    JEL classification:

    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
    • Q50 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - General
    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects

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