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.

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.


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

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 Volcanoes get quiet before they erupt!
24.06.2016 | Carnegie Institution for Science

nachricht New technique settles old debate on highest peaks in US Arctic
24.06.2016 | European Geosciences Union

All articles from Earth Sciences >>>

The most recent press releases about innovation >>>

Die letzten 5 Focus-News des innovations-reports im Überblick:

Im Focus: First experimental quantum simulation of particle physics phenomena

Physicists in Innsbruck have realized the first quantum simulation of lattice gauge theories, building a bridge between high-energy theory and atomic physics. In the journal Nature, Rainer Blatt‘s and Peter Zoller’s research teams describe how they simulated the creation of elementary particle pairs out of the vacuum by using a quantum computer.

Elementary particles are the fundamental buildings blocks of matter, and their properties are described by the Standard Model of particle physics. The...

Im Focus: Is There Life On Mars?

Survivalist back from Space - 18 months on the outer skin of the ISS

A year and a half on the outer wall of the International Space Station ISS in altitude of 400 kilometers is a real challenge. Whether a primordial bacterium...

Im Focus: CWRU physicists deploy magnetic vortex to control electron spin

Potential technology for quantum computing, keener sensors

Researchers at Case Western Reserve University have developed a way to swiftly and precisely control electron spins at room temperature.

Im Focus: Physicists measured something new in the radioactive decay of neutrons

The experiment inspired theorists; future ones could reveal new physics

A physics experiment performed at the National Institute of Standards and Technology (NIST) has enhanced scientists' understanding of how free neutrons decay...

Im Focus: Discovery of gold nanocluster 'double' hints at other shape changing particles

New analysis approach brings two unique atomic structures into focus

Chemically the same, graphite and diamonds are as physically distinct as two minerals can be, one opaque and soft, the other translucent and hard. What makes...

All Focus news of the innovation-report >>>

Anzeige

Anzeige

Event News

ERES 2016: The largest conference in the European real estate industry

09.06.2016 | Event News

Networking 4.0: International Laser Technology Congress AKL’16 Shows New Ways of Cooperations

24.05.2016 | Event News

Challenges of rural labor markets

20.05.2016 | Event News

 
Latest News

Nanoscientists develop the 'ultimate discovery tool'

24.06.2016 | Materials Sciences

Russian physicists create a high-precision 'quantum ruler'

24.06.2016 | Physics and Astronomy

Hubble confirms new dark spot on Neptune

24.06.2016 | Physics and Astronomy

VideoLinks
B2B-VideoLinks
More VideoLinks >>>