Abstract
The assessment of economic impacts of crises and risk
reduction generated by different mitigation measures is a
multidimensional problem and often a challenging task. A
major issue hindering the process is a lack of structured
information. In particular, intangible losses are
difficult to evaluate monetarily. Furthermore, the
uncertainty related to the operational environment is
difficult to estimate. This paper proposes a practical
economic approach that aims at assessing different
measures to mitigate the impacts of the crises. The
purpose is to contribute to the understanding of the
decision-making related to crisis management so that the
goals of the decisions can be reached. The approach is
mainly aimed at enhancing decision-making on a strategic
level and at supporting crisis-management training.
Additionally, a software tool based on the approach will
be developed to make the assessment procedure usable in
practice. The approach is demonstrated in two pilot
cases: extreme winter storm in North of Finland and a
major earthquake in Italy. The paper is based on research
carried out in the CRISMA integration project which is
funded from the European Community's Seventh Framework
Programme.
Original language | English |
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Title of host publication | Proceedings of the IX international conference on Risk analysis and hazard mitigation. Brebbia, C.A. (ed.) |
Place of Publication | Ashurst, UK |
Pages | 229-241 |
DOIs | |
Publication status | Published - 2014 |
MoE publication type | A4 Article in a conference publication |
Keywords
- cost
- benefit
- crisis
- decision-making
- mitigation measure
- economic impact