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Economic Costs & Impacts

Why Disasters Matter to Economic Development Professionals Gail Fujita, EDR/Hawaii & Pacific 2012 EDA Seattle Region Conference. Economic Costs & Impacts. Extreme costs Severe dislocation Long-lasting impacts. Economic Costs of Disasters. Economic Costs of Disasters 2011.

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Economic Costs & Impacts

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  1. Why Disasters Matterto Economic Development ProfessionalsGail Fujita, EDR/Hawaii & Pacific2012 EDA Seattle Region Conference

  2. Economic Costs & Impacts • Extremecosts • Severedislocation • Long-lastingimpacts

  3. Economic Costs of Disasters

  4. Economic Costs of Disasters2011 $380 billion worldwide • Including earthquakes in Japan & New Zealand. • Major floods in Thailand and other countries.

  5. Economic Costs of Disasters2011 US Catastrophies • Central/Northeast blizzards (Jan. 29-Feb. 3) - $1.1 bil. insured losses. • Midwest/Southeast tornadoes – $16 bil. (Apr. 4-5, 8-11, 14-16, 25-30, May 22-27).

  6. Economic Costs of Disasters2011 • Southwest/southern plains drought, heat wave, wildfires (Spring/Summer) - $5+ bil. • Midwest flooding (Summer) - $2+ bil. • T.S. Irene (Aug. 27-28) - $3-5 bil. insured losses.

  7. Sustained ImpactsKatrina - 2005

  8. Chernobyl - 1986

  9. Drivers of Change .The Gamer Changers • Technology • Demography • Environment/Climate change • Global Economics

  10. Game Changers.Technology • Rapid pace of advances • Nearly every facet of life is affected by change. • Ubiquity of technology is creating new risks.

  11. Speed of Money today Time at China sell-off 06:30 13:00 -1day 02:00 Impact/Elapsed time 15.0 hrs 4.5 hrs -0-

  12. It only takes anaverage of 4.4 flights from any city to any other point. Over half of the cities (56%) are connected with 4 or less flights.

  13. Game Changers .Demography • US population is growing, aging significantly (1 in 5 over 65 yrs), and is more ethnically diverse. • People are living in more densely populated urban & coastal areas (more vulnerable to severe weather). • Technology is redefining “community”, changing how individuals interact.

  14. Threat to Economic Security 50% of world’s population is exposed to risk. By 2050, the world needs: • 50% more food; • 45% more energy; and • 30% more water.

  15. Game Changers .Environmental Driver • Climate Change/sea-level rise effects and more intense storms • Water resources will be stressed. • Human health faces new threats. • Wildland fires will increase, shift to previously unaffected areas. • Mass migration will increase conflicts and shifts in disease patterns.

  16. Downtown Honolulu: ocean levels 39-inches higher

  17. Game Changers .Global Economics • Economic competitiveness is driving a growing reliance on just-in-time delivery. • Global supply chain becomes more vulnerable which means catastrophes abroad have a greater impact domestically.

  18. Japan (Mar. 11, 2011) Tokyo Electric Power Co / HO / Reuters Tsunami Hits Fukushima Nuclear Power Plant. In a photograph released by Tokyo Electric Power Co. on May 19, 2011, tsunami waves approach the Fukushima Daiichi nuclear power plant near its No. 5 reactor on March 11, 2011 in Fukushima Prefecture, Japan.

  19. volcanic haze causes aviation cancellations

  20. Solar Storms can affect GPS satellites, electric power grids, and airline flight patterns. In 1989, the entire Quebec power grid was blacked out for 12 hours.

  21. Black Swans • Natural disasters • Terrorism & manmade • disasters • Disease • Economic emergencies

  22. DisastersHomeland Security is: Economic Security Sustainability

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