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 proceedingConference article in proceedingsScientificpeer-review

4 Citations (Scopus)

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 publicationRisk Analysis IX
Subtitle of host publication 9th International Conference on Computer Simulation in Risk Analysis and Hazard Mitigation, RISK 2014
PublisherWIT Press
Pages229-241
ISBN (Print)978-184564792-6
DOIs
Publication statusPublished - 2014
MoE publication typeA4 Article in a conference publication
Event9th International Conference on Computer Simulation in Risk Analysis and Hazard Mitigation, RISK 2014 - New Forest, United Kingdom
Duration: 4 Jun 20146 Jun 2014

Publication series

SeriesWIT Transactions on Ecology and the Environment
Volume47
ISSN1746-448X

Conference

Conference9th International Conference on Computer Simulation in Risk Analysis and Hazard Mitigation, RISK 2014
Abbreviated titleRISK 2014
CountryUnited Kingdom
CityNew Forest
Period4/06/146/06/14

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Keywords

  • costs
  • benefits
  • crisis
  • decision-making
  • mitigation measures
  • economic impacts
  • risk analysis

Cite this

Räikkönen, M., Pilli-Sihvola, K., Kunttu, S., Yliaho, J., Jähi, M., Zuccaro, G., & Del Cogliano, D. (2014). Assessing the economic impacts of crises: A decision-support approach to long-term strategic planning. In Risk Analysis IX: 9th International Conference on Computer Simulation in Risk Analysis and Hazard Mitigation, RISK 2014 (pp. 229-241). WIT Press. WIT Transactions on Ecology and the Environment, Vol.. 47 https://doi.org/10.2495/RISK140201