Impact of natural disasters on an economy

Expert Solution

Answer :- Natural disasters are life threatening and vast destructive events which include extreme weather such as floods, earthquakes, landslide, wildfires, hurricane, tornadoes, lightening strikes and tsunami. They raise the price of food grains and gas. Cost insurance companies and property owners billions. Natural disasters cost heavy prices for business (restaurants, stores) that is dependant on local people entirely. Sometimes People lose their homes and loved ones.

Researcher suggest that effect of natural disasters are regional because businesses recover quickly, homes are rebuilt, inventories are replenished. For example :- storm like hurricane harvey create loss of $ 8.5 billion to the economy that is only a little fraction of total U.S. GDP approx $ 19 trillion (2017). According to researcher conclusion even the effect hurricane Katrina were small. Income level of people rose in few years and even exceeded relatively to other urban areas .

Natural disaster are capable of causing heavy financial loss to government, citizens and businesses. Due to the climate change these natural disasters are occuring more frequently.

Rahul Sunny answered 9 months ago

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