The key aim of this project was to provide evidence on the economic, social, and environmental impacts of natural hazards, in order to help hazard managers make better decisions about the allocation of resources for the mitigation of natural hazards impacts. Using the tools and materials the authors have created in this project, the end-users will be better equipped to estimate the tangible (market) and intangible (non-market) impacts of natural hazards and assess how mitigation investments may reduce those impacts.
The project delivered 5 key outcomes:
- The authors launched an online platform for the Value Tool for Natural Hazards (a searchable database of the best available non-market value estimates relevant to natural hazards).
- The authors conducted a non-market valuation study that filled a major knowledge gap identified in the non-market values literature (i.e. the values of cultural heritage, social disruption and mental health, and how these are affected by natural hazards) and updated the Value Tool with the data from this study.
- The authors developed the Economic Analysis Screening Tool (EAST) for the evaluation of the (market and non-market) costs and benefits of mitigation options.
- The authors created a Free Online Video Course on the economics of natural hazards, using drawings and simple examples to explain key economic concepts and how they are applied to evaluate different mitigation options.
- The authors conducted an online training course on how to use economics in natural hazards management and delivered it to 4 different groups of end-user managers and practitioners.