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

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  • 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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    Citations

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    Cited by:

    1. Matteo Coronese & Francesco Lamperti & Francesca Chiaromonte & Andrea Roventini, 2018. "Natural Disaster Risk and the Distributional Dynamics of Damages," LEM Papers Series 2018/22, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    2. 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.
    3. 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.
    4. 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.
    5. Barthel, Fabian & Neumayer, Eric, 2010. "Normalizing economic loss from natural disasters: a global analysis," LSE Research Online Documents on Economics 37601, London School of Economics and Political Science, LSE Library.
    6. 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.
    7. Stéphane Hallegatte, 2012. "An exploration of the link between development, economic growth, and natural risk," Post-Print hal-00802047, HAL.
    8. 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, vol. 3(11), pages 1-25, November.
    9. 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.
    10. Ji-Myong Kim & Seunghyun Son & Sungho Lee & Kiyoung Son, 2020. "Cost of Climate Change: Risk of Building Loss from Typhoon in South Korea," Sustainability, MDPI, vol. 12(17), pages 1-11, August.
    11. Hallegatte,Stephane & Bangalore,Mook & Jouanjean,Marie Agnes, 2016. "Higher losses and slower development in the absence of disaster risk management investments," Policy Research Working Paper Series 7632, The World Bank.
    12. Stephane Hallegatte, 2017. "A Normative Exploration of the Link Between Development, Economic Growth, and Natural Risk," Economics of Disasters and Climate Change, Springer, vol. 1(1), pages 5-31, June.
    13. Dannenberg, Astrid & Mennel, Tim & Osberghaus, Daniel & Sturm, Bodo, 2009. "The economics of adaptation to climate change: the case of Germany," ZEW Discussion Papers 09-057, ZEW - Leibniz Centre for European Economic Research.

    More about this item

    Keywords

    Climate change; tropical cyclones; loss trends;
    All these keywords.

    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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