The impact of natural disaster on economy Background about natural disasters
Categorizing Natural Disaster There are many types of natural disasters such as geophysical, biological, hydrological, climatological, and meteorological disasters. Geophysical disasters are events that come from the ground as in the case of earthquake and volcano. Biological disaster is an event that results from microbial organisms or toxic materials as illustrated by epidemic, insect and infestation. Hydrological disaster occurs when the flow normal water is altered by the strong wind as flood and avalanche. Climatological disaster is an event that occurs as result of climate changing in particular heat wave, extreme winter, forest fire, and drought. …show more content…
Direct loses and Indirect losses
The natural disasters have many definitions, but it can be defined in economically term as accidents that occur naturally to damage properties, which have negative effect in financial assets, market economy, industrialism, employment, labor market, and macroeconomics. Examples of the natural disasters are earthquakes, hurricanes, floods, and droughts. The losses in the economy as result of the natural disasters can be categorized into two types; “direct loses and indirect losses” (Hallegatte, 2015, p. 2).
Direct losses Direct losses are directly occurrence of physical hazed such as winds, heavy rain or tornedo and it has a direct impact in economy losses. For example, when the damages occurred because a disaster, the direct losses such as cars, house and items can be counted and repaired or replaced by insurance or Emergency Events Databases( Hallegatte, …show more content…
127 mph strong winds hit the gulf coast of the United States As result of this, a quarter million people were evacuated from Louisiana and New Orleans, nearly 2000 people lose life and a high number of houses were damaged. The economic and financial losses were accounted for “about125 billion dollars”. Hurricane Katrina with heavy rain moved to over Southern Florida causing damages Alabama, Mississippi, Louisiana, Tennessee and Kentucky (Graumann et al., 2006, p.
Categorizing Natural Disaster There are many types of natural disasters such as geophysical, biological, hydrological, climatological, and meteorological disasters. Geophysical disasters are events that come from the ground as in the case of earthquake and volcano. Biological disaster is an event that results from microbial organisms or toxic materials as illustrated by epidemic, insect and infestation. Hydrological disaster occurs when the flow normal water is altered by the strong wind as flood and avalanche. Climatological disaster is an event that occurs as result of climate changing in particular heat wave, extreme winter, forest fire, and drought. …show more content…
Direct loses and Indirect losses
The natural disasters have many definitions, but it can be defined in economically term as accidents that occur naturally to damage properties, which have negative effect in financial assets, market economy, industrialism, employment, labor market, and macroeconomics. Examples of the natural disasters are earthquakes, hurricanes, floods, and droughts. The losses in the economy as result of the natural disasters can be categorized into two types; “direct loses and indirect losses” (Hallegatte, 2015, p. 2).
Direct losses Direct losses are directly occurrence of physical hazed such as winds, heavy rain or tornedo and it has a direct impact in economy losses. For example, when the damages occurred because a disaster, the direct losses such as cars, house and items can be counted and repaired or replaced by insurance or Emergency Events Databases( Hallegatte, …show more content…
127 mph strong winds hit the gulf coast of the United States As result of this, a quarter million people were evacuated from Louisiana and New Orleans, nearly 2000 people lose life and a high number of houses were damaged. The economic and financial losses were accounted for “about125 billion dollars”. Hurricane Katrina with heavy rain moved to over Southern Florida causing damages Alabama, Mississippi, Louisiana, Tennessee and Kentucky (Graumann et al., 2006, p.