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In: Economics

What lessons can we all learn from a disaster? What would be your plan to minimize...

What lessons can we all learn from a disaster? What would be your plan to minimize loss of life and property if the disaster occurred locally?Please describe short-term and long-term effects of a natural disasters on the economy.

Solutions

Expert Solution

Children and adults should share their thoughts and emotions about what happened. Speaking of the pain will help people understand the tragedy and put it in perspective. Schools can teach curricula covering what natural disasters are, their consequences, and possible preventive measures being implemented.

Disasters teach us nature's destructive force and nature's regenerating force too. Unquestionably, following nature's lead translates the lessons of strength and resilience into life.

Crisis times can have the effect of making people unified. The triggering of empathy feelings will cause people to work together and to establish shared objectives. Throughout one's life, one can benefit from exceptional examples of unity, altruism and generosity the remarkable capacity of the human spirit to conquer adversities.

However, mitigation steps such as the implementation of zoning standards, land-use standards and building codes are required to avoid or reduce real hazard damage. For example, preventing development in landslide- and flood-prone areas through planning and zoning ordinances will save construction money and minimize the loss of life and damage to property and natural resources. Post-disaster studies continue to confirm the fundamental fact that when a disaster strikes, community investment in mitigation pays direct dividends.

Mitigation strategies will include, above all, the main groups involved in the creation, adoption, implementation and compliance of mitigation — elected representatives, finance and insurance professionals, engineers, planners and architects, community organizations, marketing professionals, educators and researchers. Mitigation requires a multidisciplinary team approach free from control by any specific interest group to be effective; each discipline has a role and contribution to make. Closer communication and coordination among researchers, practitioners, and policymakers increases the probability of implementing successful mitigation programs.

Large natural disasters can and do have significant negative economic short-run impacts. Disasters also tend to have negative long-term impacts on economic growth, sustainability and poverty reduction. Still, there are no possible harmful impacts. Vulnerability is shifting rapidly, especially in countries experiencing economic transition-rapid development, urbanization and related technological and social changes.

Governments need effective risk management strategies for future disasters which include 8-10 years of medium-term financial planning. The funding rationale needs to be broadened, introducing a variety of measures at various levels of risk coverage to help address obstacles to expanded insurance coverage and capital market resources. Natural hazard risk management should be incorporated into national long-term investment plans and growth strategies and properly reflected in financial capital allocation.

Quality, accurate scientific knowledge is a requirement for successful management of disaster risks. The international community will help the global and regional risk-related analysis and information systems. It should also ensure appropriate complementary monitoring and distribution systems are in place at the national level. Climatic instability, regional and national flood predictions, and geophysical hazards are priorities.


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