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The Impact of Socio-economics and Climate Change on Tropical Cyclone Losses in the USA

Author

Listed:
  • Silvio Schmidt
  • Claudia Kemfert
  • Peter Höppe

Abstract

Tropical cyclones that make landfall on the coast of the USA are causing increasing economic losses. It is assumed that the losses are largely due to socio-economic developments, i.e. growing wealth and greater settlement of exposed areas. However, it is also thought that the rise in losses is caused by increasing frequency of severe cyclones resulting from climate change. The object of this paper is to investigate how sensitive the losses are to socio-economic changes and climate changes and how these factors have evolved over the last 50 years. We will then draw conclusions about the part the factors concerned play in the observed increase in losses. For analysis purposes, storm loss is depicted as a function of the value of material assets affected by the storm (the capital stock) and storm intensity. The findings show the increase in losses due to socio-economic changes to have been approximately three times greater than that due to climate-induced changes.

Suggested Citation

  • 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.
  • Handle: RePEc:diw:diwwpp:dp824
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    File URL: http://www.diw.de/documents/publikationen/73/diw_01.c.89804.de/dp824.pdf
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    References listed on IDEAS

    as
    1. 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.
    2. Claudia Kemfert, 2005. "The Economic Costs of Climate Change," Weekly Report, DIW Berlin, German Institute for Economic Research, vol. 1(2), pages 43-49.
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    Cited by:

    1. Dejian Yu, 2015. "Intuitionistic fuzzy theory based typhoon disaster evaluation in Zhejiang Province, China: a comparative perspective," 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. 75(3), pages 2559-2576, February.

    More about this item

    Keywords

    tropical cyclones; climate change; socio-economic impact; storm damage function;

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