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Economic Costs of Extratropical Storms Under Climate Change: An Application of FUND

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  • Narita, Daiju

    (ESRI)

  • Tol, Richard S. J.

    (ESRI)

  • Anthoff, David

    (ESRI)

Abstract

Extratropical cyclones have attracted some attention in climate policy circles as a possible significant damage factor of climate change. This study conducts an assessment of economic impacts of increased storm activities under climate change with the integrated assessment model FUND 3.4. In the base case, the direct economic damage of enhanced storms due to climate change amounts to $2.4 billion globally (approximately 35% of the total economic loss of storms at present) at the year 2100, while its ratio to the world GDP is 0.0007%. The paper also shows various sensitivity runs exhibiting up to 4 times the level of damage relative to the base run.

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Paper provided by Economic and Social Research Institute (ESRI) in its series Papers with number WP274.

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Length: 29 pages
Date of creation: Jan 2009
Date of revision:
Handle: RePEc:esr:wpaper:wp274
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Keywords: policy;

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  1. Seán Lyons & Karen Mayor & Richard S.J. Tol, 2008. "Environmental Accounts for the Republic of Ireland: 1990-2005," Papers WP223, Economic and Social Research Institute (ESRI).
  2. Frances Ruane & Xiaoheng Zhang, 2007. "Location Choices of the Pharmaceutical Industry in Europe after 1992," The Institute for International Integration Studies Discussion Paper Series iiisdp220, IIIS.
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Cited by:

  1. Jasmin Katrin Gröschl, 2013. "Gravity Model Applications and Macroeconomic Perspectives," ifo Beiträge zur Wirtschaftsforschung, Ifo Institute for Economic Research at the University of Munich, number 48.
  2. Tol, Richard S. J., 2008. "The Economic Impact of Climate Change," Papers WP255, Economic and Social Research Institute (ESRI).
  3. Matthew Ranson & Carolyn Kousky & Matthias Ruth & Lesley Jantarasami & Allison Crimmins & Lisa Tarquinio, 2014. "Tropical and extratropical cyclone damages under climate change," Climatic Change, Springer, vol. 127(2), pages 227-241, November.
  4. Marten, Alex L. & Newbold, Stephen C., 2012. "Estimating the social cost of non-CO2 GHG emissions: Methane and nitrous oxide," Energy Policy, Elsevier, vol. 51(C), pages 957-972.
  5. Marten, Alex L., 2011. "Transient temperature response modeling in IAMs: The effects of over simplification on the SCC," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy, vol. 5, pages 1-42.
  6. Armon Rezai & Lance Taylor & Reinhard Mechler, 2012. "Ecological Macroeconomics: An application to climate change," SRE-Disc sre-disc-2012_06, Institute for Multilevel Governance and Development, Department of Socioeconomics, Vienna University of Economics and Business.
  7. Richard Tol, 2013. "The economic impact of climate change in the 20th and 21st centuries," Climatic Change, Springer, vol. 117(4), pages 795-808, April.
  8. Tomáš Havránek & Zuzana Iršová & Karel Janda & David Zilberman, 2014. "Selective Reporting and the Social Cost of Carbon," Working Papers IES 2014/29, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Sep 2014.
  9. Felbermayr, Gabriel & Gröschl, Jasmin, 2014. "Naturally negative: The growth effects of natural disasters," Journal of Development Economics, Elsevier, vol. 111(C), pages 92-106.
  10. Kousky, Carolyn, 2012. "Informing Climate Adaptation: A Review of the Economic Costs of Natural Disasters, Their Determinants, and Risk Reduction Options," Discussion Papers dp-12-28, Resources For the Future.
  11. Yohe, Gary W. & Tol, Richard S. J. & Anthoff, David, 2009. "Discounting for Climate Change," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy, vol. 3, pages 1-22.
  12. David Anthoff & Richard Tol, 2013. "The uncertainty about the social cost of carbon: A decomposition analysis using fund," Climatic Change, Springer, vol. 117(3), pages 515-530, April.
  13. Elizabeth Kopits & Alex L. Marten & Ann Wolverton, 2013. "Moving Forward with Incorporating "Catastrophic" Climate Change into Policy Analysis," NCEE Working Paper Series 201301, National Center for Environmental Economics, U.S. Environmental Protection Agency, revised Jan 2013.
  14. Karen Fisher-Vanden & Ian Sue Wing & Elisa Lanzi & David Popp, 2013. "Modeling climate change feedbacks and adaptation responses: recent approaches and shortcomings," Climatic Change, Springer, vol. 117(3), pages 481-495, April.

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