“…A few studies agree that TCs may become stronger while debating whether and how TC frequency will change under a warming climate (Bhatia et al., 2018; Emanuel, 2013; Knutson et al., 2010; Walsh et al., 2016). In addition to the uncertainty of TC characteristics, due to the increasing exposed assets and changing vulnerability, there is a need to understand the potential risk from TCs for decision‐makers at different administrative levels, especially when TC risk is expressed by direct economic loss (DEL), as it supports the assessment of direct/indirect consequences of the nation, province and county/community (Hernandez, 2014; Tang et al., 2019; Wang et al., 2021), future economic risk (Bakkensen, Park, & Sarkar, 2018; Gettelman et al., 2018; Ye et al., 2019) and the cost‐effectiveness of the implementation of disaster risk reduction and adaptation measures (Liu et al., 2019; Rana et al., 2022; Sun & Carson, 2020).…”