Featured Research

from universities, journals, and other organizations

How costly are natural hazards? Experts link cost assessment with risk management

Date:
April 26, 2014
Source:
Helmholtz Centre Potsdam - GFZ German Research Centre for Geosciences
Summary:
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. For example, the Thailand flood in 2011 shut down scores of factories and damaged global car manufacturing and electronics industries.

Flood in Meissen, April 2006.
Credit: Image courtesy of Helmholtz Centre Potsdam - GFZ German Research Centre for Geosciences

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.

Related Articles


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.


Story Source:

The above story is based on materials provided by Helmholtz Centre Potsdam - GFZ German Research Centre for Geosciences. Note: Materials may be edited for content and length.


Journal Reference:

  1. Heidi Kreibich, Jeroen C. J. M. van den Bergh, Laurens M. Bouwer, Philip Bubeck, Paolo Ciavola, Colin Green, Stephane Hallegatte, Ivana Logar, Volker Meyer, Reimund Schwarze, Annegret H. Thieken. Costing natural hazards. Nature Climate Change, 2014; 4 (5): 303 DOI: 10.1038/nclimate2182

Cite This Page:

Helmholtz Centre Potsdam - GFZ German Research Centre for Geosciences. "How costly are natural hazards? Experts link cost assessment with risk management." ScienceDaily. ScienceDaily, 26 April 2014. <www.sciencedaily.com/releases/2014/04/140426155351.htm>.
Helmholtz Centre Potsdam - GFZ German Research Centre for Geosciences. (2014, April 26). How costly are natural hazards? Experts link cost assessment with risk management. ScienceDaily. Retrieved November 25, 2014 from www.sciencedaily.com/releases/2014/04/140426155351.htm
Helmholtz Centre Potsdam - GFZ German Research Centre for Geosciences. "How costly are natural hazards? Experts link cost assessment with risk management." ScienceDaily. www.sciencedaily.com/releases/2014/04/140426155351.htm (accessed November 25, 2014).

Share This


More From ScienceDaily



More Earth & Climate News

Tuesday, November 25, 2014

Featured Research

from universities, journals, and other organizations


Featured Videos

from AP, Reuters, AFP, and other news services

Antarctic Sea Ice Mystery Thickens... Literally

Antarctic Sea Ice Mystery Thickens... Literally

Newsy (Nov. 25, 2014) — Antarctic sea ice isn't only expanding, it's thicker than previously thought, and scientists aren't sure exactly why. Video provided by Newsy
Powered by NewsLook.com
3D Map of Antarctic Sea Ice to Shed Light on Climate Change

3D Map of Antarctic Sea Ice to Shed Light on Climate Change

Reuters - Innovations Video Online (Nov. 24, 2014) — A multinational group of scientists have released the first ever detailed, high-resolution 3-D maps of Antarctic sea ice. Using an underwater robot equipped with sonar, the researchers mapped the underside of a massive area of sea ice to gauge the impact of climate change. Ben Gruber reports. Video provided by Reuters
Powered by NewsLook.com
Car Park Solution for Flexible Green Energy

Car Park Solution for Flexible Green Energy

Reuters - Innovations Video Online (Nov. 24, 2014) — A British solar power start-up says that by covering millions of existing car park spaces around the UK with flexible solar panels, the country's power problems could be solved. Suzannah Butcher reports. Video provided by Reuters
Powered by NewsLook.com
Yellow-Spotted Turtles Rescued from Trafficking

Yellow-Spotted Turtles Rescued from Trafficking

Reuters - Light News Video Online (Nov. 24, 2014) — Hundreds of Amazon River turtles released into the wild in Peru. Sharon Reich reports. Video provided by Reuters
Powered by NewsLook.com

Search ScienceDaily

Number of stories in archives: 140,361

Find with keyword(s):
 
Enter a keyword or phrase to search ScienceDaily for related topics and research stories.

Save/Print:
Share:  

Breaking News:

Strange & Offbeat Stories

 

Plants & Animals

Earth & Climate

Fossils & Ruins

In Other News

... from NewsDaily.com

Science News

Health News

Environment News

Technology News



Save/Print:
Share:  

Free Subscriptions


Get the latest science news with ScienceDaily's free email newsletters, updated daily and weekly. Or view hourly updated newsfeeds in your RSS reader:

Get Social & Mobile


Keep up to date with the latest news from ScienceDaily via social networks and mobile apps:

Have Feedback?


Tell us what you think of ScienceDaily -- we welcome both positive and negative comments. Have any problems using the site? Questions?
Mobile iPhone Android Web
Follow Facebook Twitter Google+
Subscribe RSS Feeds Email Newsletters
Latest Headlines Health & Medicine Mind & Brain Space & Time Matter & Energy Computers & Math Plants & Animals Earth & Climate Fossils & Ruins