Economic losses from extreme weather in the U.S. Gulf Coast region: Spatially differential contributions of climate hazard and socioeconomic exposure and vulnerability
Analyses of the temporal dimension of economic loss from Extreme Weather Events (EWE) have generally concluded that the historical increase in damages in the United States and worldwide is largely a consequence of an increase in socioeconomic exposure. This study finds that while damage from EWE is clearly a consequence of some combination of hazard, exposure and vulnerability, the nature of the influence of drivers and their interactions can differ spatially, even in explaining the same level of economic loss. The authors highlight the need for diagnosing all components of risk simultaneously, especially their additive and multiplicative interactions, and in a spatial context.
Their use of landscape typology in analyzing economic loss from EWE has illustrated that the drivers of risk explaining those losses are spatially heterogeneous. This approach to the diagnosis of risk and economic loss from EWE could be used to prioritize consideration of components of risk by communities and regional authorities considering risk management strategies and planning for resilience to climate change and EWE. The study concludes that acknowledging and understanding the role of spatial specificity in drivers of economic losses and their interaction can inform both historical diagnoses of changes in economic loss from EWE and future planning.
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