Assessing the economic impacts of crises: A decision-support approach to long-term strategic planning

Minna Räikkönen, K. Pilli-Sihvola, Susanna Kunttu, Jussi Yliaho, Markus Jähi, G. Zuccaro, D. Del Cogliano

    Research output: Chapter in Book/Report/Conference proceedingChapter or book articleScientificpeer-review

    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 by the European Community’s Seventh Framework Programme.
    Original languageEnglish
    Title of host publicationManagement of Natural Disasters
    EditorsS. Syngellakis
    PublisherWIT Press
    Pages1-13
    ISBN (Electronic)978-1-78466-230-1
    ISBN (Print)978-1-78466-229-5
    Publication statusPublished - 2016
    MoE publication typeA3 Part of a book or another research book

    Publication series

    SeriesWIT Transactions on State-of-the-art in Science and Engineering
    Volume92
    ISSN1755-8336

    Keywords

    • cost
    • benefit
    • crisis
    • decision-making
    • mitigation measure
    • economic impact

    Fingerprint

    Dive into the research topics of 'Assessing the economic impacts of crises: A decision-support approach to long-term strategic planning'. Together they form a unique fingerprint.

    Cite this