Estimating direct and indirect damages from storm surges

Kowalewski, Julia; Ujeyl, G.

doi:10.1201/b13715-83

Cited by 5 publications

(4 citation statements)

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“…the losses that firms experience due to damaged assets and those of their customers, are not included. However, they are highly correlated to direct losses (Hallegatte, 2008;Kowalewski & Ujeyl, 2012 Table 1 shows the number of observations by country. There are a total of 353,906…”

Section: Measurementmentioning

confidence: 99%

The impact of climate risk on firm performance and financing choices: An international comparison

2017

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Increasingly adverse climatic conditions have created greater systematic risk for companies throughout the global economy. Few studies have directly examined the consequences of climate-related risk on financing choices by publicly-listed firms across the globe. We attempt to do so using the Global Climate Risk Index compiled and published by Germanwatch (Kreft & Eckstein, 2014), which captures at the country level the extent of losses from extreme weather events. As expected, we find the likelihood of loss from major storms, flooding, heat waves, etc. to be associated with lower and more volatile earnings and cash flows. Consistent with policies that attempt to moderate such effects, we show that firms located in countries characterized by more severe weather are likelier to hold more cash so as to build financial slack and thereby organizational resilience to climatic threats. Those firms also tend to have less short-term debt but more long-term debt, and to be less likely to distribute cash dividends. In addition, we find that certain industries are less vulnerable to extreme weather and so face less climate-related risk. Our results are robust to using an instrumental variable approach, a propensity-score-matched sample, and path analysis, and remain unchanged when we consider an alternative measure of climate risk. Finally, our conclusions are invariant to the timing of financial crises that can affect different countries at different times.

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Section: Measurementmentioning

confidence: 99%

The impact of climate risk on firm performance and financing choices: An international comparison

2017

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“…The latter indicates the existence of a threshold in the coping capacity of economic systems. For Hamburg, the threshold was found to be about 2.5 billion Euros (Kowalewski & Ujeyl, 2012). The corresponding values obtained by Hallegatte (2008) for Louisiana are 50 billion and 200 billion U.S. $, respectively.…”

Section: Risk Receptorsmentioning

confidence: 79%

“…Recent developments within assessment methods for vulnerabilities and economic consequences have also been achieved by using indirect economic losses (Kowalewski & Ujeyl, 2012), which were compared to the direct economic losses for the case study of Wilhelmsburg in Hamburg. This study was complemented by further analyses of intangible consequences (Dassanayake et al, 2012) who concluded that intangible consequences cannot be disregarded when looking into flood risk assessments and might become even more relevant than their tangible counterparts.…”

Section: Introductionmentioning

confidence: 99%

Flood Risk Assessments - Results, Applications and Future Requirements

Kortenhaus

Oumeraci

2014

Int. Conf. Coastal. Eng.

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This paper summarises and discusses the key results of two research projects one of which was a 4-year joint research project in Germany (XtremRisK) and the other comprised applications of the XtremRisK results to selected cases in Denmark (HARIMA-DK) within the framework of the European Flood Directive on the generation of hazard and risk maps for preselected areas. The former project focused on improving and expanding the existing knowledge, methods and models on flood risk assessments for extreme storm surges with respect to (a) extreme storm surge for current conditions and scenarios for climate change, (b) failure mechanisms of flood defences, (c) assessment of tangible and intangible losses, (d) integrated flood risk analysis involving the aforementioned developments and its implementation for two selected pilot sites (representative for an open coast and an urban estuarine area in Germany). The HARIMA-DK project used these results, applied it and produced flood risk maps for selected coastal areas in Denmark. The key results of both projects are briefly summarised, lessons learned are discussed and some conclusions for future flood risk studies are finally drawn.

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“…In general, damage functions are defined for the following sectors: 1. Residential (buildings and goods): depth-damage curves are developed for sample-type buildings (which represent houses with similar properties), based on the type of building and construction materials (Kowalewski et al 2012). Functions are also derived depending on the goods in the interior of the buildings.…”

Section: Tangible Losses (Direct)mentioning

confidence: 99%

Comparative Risk Assessment at Isla Del Carmen and Cancun, Mexico

Escudero

Mendoza

Silva-Casarín

et al. 2014

Int. Conf. Coastal. Eng.

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Tropical cyclones and Cold-Fronts lead to storm surge and wave hazards annually in the coastal zones of the Gulf of Mexico and Caribbean Sea. Anthropogenic intervention over a wide extension of these coasts has affected their natural equilibrium and resilience to these extreme natural phenomena. An integrated risk analysis is presented here, which aims to prevent or reduce serious beach erosion damage and inundation of settlements next to these beaches. Two important coastal lagoon barriers in Mexico were selected to develop the risk assessment methodology: Isla del Carmen, on the Gulf of Mexico; and Cancun, on the Caribbean coast. While both are important for socio-economic and ecological reasons, the contrast between the high-poverty zones in Isla del Carmen and the luxurious tourist development of Cancun facilitates the integration of a common vulnerability approach, which can be applicable to any other location affected by similar hazards. This paper proposes a methodology to evaluate the socioeconomic risk of inundation; integrating the SPRC concept and the spatial variability of the risk, focusing on the parameters related to the resilience of the receptors and intangible indirect losses.

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Estimating direct and indirect damages from storm surges

Cited by 5 publications

References 0 publications

The impact of climate risk on firm performance and financing choices: An international comparison

The impact of climate risk on firm performance and financing choices: An international comparison

Flood Risk Assessments - Results, Applications and Future Requirements

Comparative Risk Assessment at Isla Del Carmen and Cancun, Mexico

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