The Economics of Natural Disasters : Concepts and Methods

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dc.creatorPrzyluski, Valentin
dc.creatorHallegatte, Stephane
dc.date2012-03-19T18:43:28Z
dc.date2012-03-19T18:43:28Z
dc.date2010-12-01
dc.date.accessioned2026-07-01T00:57:56Z
dc.descriptionLarge-scale disasters regularly affect societies over the globe, causing large destruction and damage. After each of these events, media, insurance companies, and international institu-tions publish numerous assessments of the "cost of the disaster." However these assessments are based on different methodologies and approaches, and they often reach different results. Besides methodological differences, these discrepancies are due to the multi-dimensionality in disaster impacts and their large redistributive effects, which make it unclear what is included in the estimates. But most importantly, the purpose of these assessments is rarely specified, although different purposes correspond to different perimeters of analysis and different definitions of what a cost is. To clarify this situation, this paper proposes a definition of the cost of a disaster, and emphasizes the most important mechanisms that explain and determine this cost. It does so by first explaining why the direct economic cost, that is, the value of what has been damaged or destroyed by the disaster, is not a sufficient indicator of disaster seriousness and why estimating indirect losses is crucial to assess the consequences on welfare. The paper describes the main indirect consequences of a disaster and the following reconstruction phase, and discusses the economic mechanisms at play. It proposes a review of available methodologies to assess indirect economic consequences, illustrated with examples from the literature. Finally, it highlights the need for a better understanding of the economics of natural disasters and suggests a few promising areas for research on this topic.
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dc.formattext/plain
dc.identifierhttp://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20101221155640
dc.identifierhttps://hdl.handle.net/10986/3991
dc.identifier10.1596/1813-9450-5507
dc.identifier.urihttp://hdl.handle.net/123456789/413598
dc.languageEnglish
dc.relationPolicy Research working paper ; no. WPS 5507
dc.rightsCC BY 3.0 IGO
dc.rightshttp://creativecommons.org/licenses/by/3.0/igo/
dc.rightsWorld Bank
dc.subjectAGRICULTURAL ECONOMICS
dc.subjectAGRICULTURE
dc.subjectALLOCATION
dc.subjectASSETS
dc.subjectAVALANCHES
dc.subjectBANKRUPTCY
dc.subjectBUSINESS CYCLES
dc.subjectCHANGES IN PRICES
dc.subjectCLIMATE
dc.subjectCLIMATE CHANGE
dc.subjectCLIMATE CHANGE IMPACTS
dc.subjectCONSTRUCTION WORKERS
dc.subjectCONSUMPTION LOSS
dc.subjectCOST ANALYSIS
dc.subjectCRED
dc.subjectDAMAGED HOUSES
dc.subjectDAMAGES
dc.subjectDEBT
dc.subjectDEVELOPMENT ECONOMICS
dc.subjectDEVELOPMENT NETWORK
dc.subjectDEVELOPMENT POLICY
dc.subjectDIRECT VALUE
dc.subjectDISASTER
dc.subjectDISASTER MANAGEMENT
dc.subjectDISASTER PREVENTION
dc.subjectDROUGHT
dc.subjectDROUGHTS
dc.subjectEARTHQUAKE
dc.subjectEARTHQUAKES
dc.subjectECOLOGICAL ECONOMICS
dc.subjectECONOMETRIC ANALYSIS
dc.subjectECONOMETRICS
dc.subjectECONOMIC EQUILIBRIUM
dc.subjectECONOMIC GROWTH
dc.subjectECONOMIC GROWTH RATE
dc.subjectECONOMIC IMPACT
dc.subjectECONOMIC IMPACTS
dc.subjectECONOMIC IMPLICATIONS
dc.subjectECONOMIC LOSS
dc.subjectECONOMIC MODEL
dc.subjectECONOMIC MODELS
dc.subjectECONOMIC PERFORMANCE
dc.subjectECONOMIC PERSPECTIVE
dc.subjectECONOMIC RECOVERY
dc.subjectECONOMIC RESILIENCE
dc.subjectECONOMIC SECTORS
dc.subjectECONOMIC SITUATION
dc.subjectECONOMIC SYSTEMS
dc.subjectECONOMIC THEORY
dc.subjectECONOMIC VALUE
dc.subjectECONOMICS
dc.subjectEPIDEMIOLOGY
dc.subjectEXOGENOUS SHOCKS
dc.subjectEXPLOSION
dc.subjectEXTERNAL SHOCKS
dc.subjectEXTREME EVENTS
dc.subjectFARMER
dc.subjectFINANCIAL CRISES
dc.subjectFINANCIAL IMPACTS
dc.subjectFINANCIAL RESOURCES
dc.subjectFINANCIAL SUPPORT
dc.subjectFLOOD
dc.subjectFLOOD DAMAGE
dc.subjectFLOOD DAMAGES
dc.subjectFLOODS
dc.subjectFOOD SECURITY
dc.subjectFUTURE RESEARCH
dc.subjectGDP
dc.subjectGENERAL EQUILIBRIUM ANALYSIS
dc.subjectGROWTH RATE
dc.subjectGROWTH THEORIES
dc.subjectHEAT WAVES
dc.subjectHURRICANE
dc.subjectHURRICANE RISK
dc.subjectHURRICANE SEASON
dc.subjectHURRICANES
dc.subjectIMPACT OF DISASTERS
dc.subjectIMPACT OF HURRICANES
dc.subjectIMPORTS
dc.subjectINCOME
dc.subjectINHERITANCE
dc.subjectINSURANCE
dc.subjectINSURANCE COMPANIES
dc.subjectINSURANCE INDUSTRY
dc.subjectINSURERS
dc.subjectINTEREST RATE
dc.subjectINVENTORIES
dc.subjectJOBS
dc.subjectLAND DEGRADATION
dc.subjectLANDSLIDES
dc.subjectLOWER COSTS
dc.subjectMACROECONOMIC SHOCKS
dc.subjectNATURAL DISASTER
dc.subjectNATURAL DISASTERS
dc.subjectNATURAL HAZARDS
dc.subjectNATURAL RESOURCES
dc.subjectOIL PRICES
dc.subjectPOLITICAL ECONOMY
dc.subjectPOSITIVE EXTERNALITY
dc.subjectPRESENT VALUE
dc.subjectPRICE ELASTICITY
dc.subjectPRICE INCREASE
dc.subjectPRODUCTION FUNCTIONS
dc.subjectPRODUCTIVITY
dc.subjectPROPERTY VALUES
dc.subjectRECONSTRUCTION
dc.subjectREDISTRIBUTIVE EFFECTS
dc.subjectREINSURANCE
dc.subjectRELATIVE PRICE
dc.subjectRELATIVE PRICES
dc.subjectRISK ANALYSIS
dc.subjectRISK ASSESSMENT
dc.subjectRISK MANAGEMENT
dc.subjectSAVINGS
dc.subjectSCENARIOS
dc.subjectSMALL BUSINESS
dc.subjectSTORM
dc.subjectSTORM SURGE
dc.subjectSTORM SURGE RISK
dc.subjectSTORMS
dc.subjectSUBSTITUTION
dc.subjectTERRORIST
dc.subjectTHUNDERSTORMS
dc.subjectTOTAL COST
dc.subjectTOTAL OUTPUT
dc.subjectTSUNAMIS
dc.subjectUNCERTAINTIES
dc.subjectUNEMPLOYMENT
dc.subjectVALUE ADDED
dc.subjectVICTIMS
dc.subjectVOLCANIC ERUPTIONS
dc.subjectWAR
dc.subjectWATER DISTRIBUTION
dc.subjectWEATHER EXTREMES
dc.titleThe Economics of Natural Disasters : Concepts and Methods

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