contributor author | Miyeon Lee | |
contributor author | Jong Ho Hong | |
contributor author | Kwang Yul Kim | |
date accessioned | 2017-12-16T09:01:15Z | |
date available | 2017-12-16T09:01:15Z | |
date issued | 2017 | |
identifier other | %28ASCE%29NH.1527-6996.0000259.pdf | |
identifier uri | http://138.201.223.254:8080/yetl1/handle/yetl/4237513 | |
description abstract | This study forecasts the future cost of direct economic damages caused by natural disasters in Korea by using panel data regression. The authors first develop a balanced panel data spanning 2001–2012 for all 16 metropolitan cities and provinces in Korea. The result shows that a 1% increase in annual precipitation and impervious surfaces increases damage costs by 4.52 and 1.74%, respectively. In addition, the financial independence of local governments is negatively correlated with damage costs. The maximum annual damage costs from natural disasters through 2060 are estimated to be US$20.9 billion, which would be 1.03% of future Korean gross domestic product (GDP). Among the regions, Gangwon-do, Jeollabuk-do, and Jeollanam-do, which have a high percentage of impervious surfaces and a low financial independence rate, are expected to be the most vulnerable to natural disasters. Their estimated maximum annual damage costs are above US$5 billion by 2060, which would exceed 7% of their gross regional domestic product (GRDP). This study is the first attempt to estimate and forecast the damage costs from natural disasters using region-specific weather data in Korea. It suggests a need for a well-designed natural disaster management plan at both the central and local government levels. | |
publisher | American Society of Civil Engineers | |
title | Estimating Damage Costs from Natural Disasters in Korea | |
type | Journal Paper | |
journal volume | 18 | |
journal issue | 4 | |
journal title | Natural Hazards Review | |
identifier doi | 10.1061/(ASCE)NH.1527-6996.0000259 | |
tree | Natural Hazards Review:;2017:;Volume ( 018 ):;issue: 004 | |
contenttype | Fulltext | |