Abstract
The resilience of critical infrastructure (CI) to extreme
weather events (EWE) is one of the most demanding
challenges for all stakeholders in modern society.
Although partial risk reduction is feasible through the
introduction and implementation of various risk
mitigation measures (RMM), decision-makers at all
decision-making levels are pressured to find ways to cope
with the impending extreme weather and to have a thorough
understanding of the EWE impacts on CI. This paper
discusses how the value of RMMs can be created and
assessed in a stakeholder network. Qualitative research
methods, namely literature review and AHP (Analytic
Hierarchy Process), were applied as research methods. The
paper examines how disaster management and value creation
both converge and differ from each other. It also
presents a case study on the value of various RMM and the
impacts of extreme winter conditions on electricity
distribution in Finland. Based on the case study, the
most important value criterion was the benefits of the
RMM in economic, social, and environmental terms. At a
fundamental level, the value of RMM should be expressed
not only in terms of money but also in regard to safety,
security, societal acceptability, CI dependability, and
other typically intangible criteria. Moreover, the
results reveal that the interrelationship of value
creation and disaster management offers new insights to
both approaches.
Original language | English |
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Article number | 14 |
Journal | Infrastructures |
Volume | 2 |
Issue number | 4 |
DOIs | |
Publication status | Published - 2017 |
MoE publication type | A1 Journal article-refereed |
Funding
The research leading to these results has received funding from the European Union Seventh Framework Programme (FP7/2007–2013) under grant agreement No. 606799 (INTACT).
Keywords
- critical infrastructure
- extreme weather event
- risk mitigation measure
- value
- value creation
- assessment
- disaster management
- stakeholder