Forum for Science, Industry and Business

Sponsored by:     3M 
Search our Site:

 

How costly are natural hazards?

28.04.2014

Costs of natural hazards are at historically high levels, and show an increasing trend.


Flood in Grimma, June 2013 (Image: A. Krahn, GFZ)

Cost assessments of natural hazards often only cover direct costs and even these are assumed to be at least 50% higher than international assessments report. However, besides direct damage, also indirect damage is relevant.

For example, the Thailand flood in 2011 shut down scores of factories and damaged global car manufacturing and electronics industries. But, an improved precaution requires better understanding of the total costs, which comprise besides damage also risk mitigation costs.

Only like that an efficient risk management of natural hazards can be achieved.

An international group of scientists led by Heidi Kreibich (German Research Centre for Geosciences GFZ) has now for the first time suggested an integrated cost assessment in risk management. In the current issue of "nature climate change" the group drafts the new cost assessment cycle.

"Cost-benefit analyses that exclude certain cost categories lead to sub-optimal decisions," Heidi Kreibich explains the approach, "The cost assessment cycle involves the continuous monitoring of costs associated with natural hazards risk management, thus enabling the early detection of inefficient risk mitigation strategies."

A close link between the cost assessment cycle and the risk management cycle lead to an improved assessment of the real costs and as such to a stable basis for an improved decision making in risk management.

The possibility to make better, more efficient decisions for natural hazard risk management will gain even more importance in view of global environmental change.

###

Pictures in a printable resolution may be found here: http://www.gfz-potsdam.de/en/media-communication/image-galleries/flood-research/

H. Kreibich et al. „Costing natural hazards", Nature Climate Change, Vol.4, 25.04.2014, pp. 303, doi:10.1038/nclimate2182

F.Ossing | Eurek Alert!

More articles from Earth Sciences:

nachricht CO2 emissions set to reach new 40 billion ton record high in 2014
22.09.2014 | University of East Anglia

nachricht Arctic sea ice helps remove CO2 from the atmosphere
22.09.2014 | University of Southern Denmark

All articles from Earth Sciences >>>

The most recent press releases about innovation >>>

Anzeige

Anzeige

Event News

Future questions regarding data processing

22.09.2014 | Event News

"Start-ups and spin-offs funding – Public and private policies", 14th October 2014

12.09.2014 | Event News

BALTIC 2014: Baltic Sea Geologists meet in Warnemünde

03.09.2014 | Event News

 
Latest News

Siemens D3 wind turbines ordered for onshore project in France

22.09.2014 | Press release

Wireless Sensor Transmits Tumor Pressure

22.09.2014 | Medical Engineering

UChicago-Argonne National Lab Team Improves Solar-Cell Efficiency

22.09.2014 | Power and Electrical Engineering

VideoLinks
B2B-VideoLinks
More VideoLinks >>>