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Small Business Recovery after Natural Disasters in the Fed’s Second District

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Abstract

A previous Liberty Street Economics post found that minority-owned small businesses in the Federal Reserve’s Second District have been particularly vulnerable to natural disasters. Here we focus on the aftermath of disasters (such as hurricanes, floods, wildfires, droughts, and winter storms) and examine disparities in the ability of these firms to reopen their businesses and access disaster relief. Our results indicate that while white- and minority-owned firms remain closed for similar durations, the latter are more reliant on external funding from government and private sources to cope with disaster losses.

Suggested Citation

  • Asani Sarkar, 2023. "Small Business Recovery after Natural Disasters in the Fed’s Second District," Liberty Street Economics 20231116, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:97318
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    More about this item

    Keywords

    climate; racial disparities; Second District;
    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
    • R10 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - General

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