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    Estimating Damage Costs from Natural Disasters in Korea

    Source: Natural Hazards Review:;2017:;Volume ( 018 ):;issue: 004
    Author:
    Miyeon Lee
    ,
    Jong Ho Hong
    ,
    Kwang Yul Kim
    DOI: 10.1061/(ASCE)NH.1527-6996.0000259
    Publisher: American Society of Civil Engineers
    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.
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      Estimating Damage Costs from Natural Disasters in Korea

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    http://yetl.yabesh.ir/yetl1/handle/yetl/4237513
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    contributor authorMiyeon Lee
    contributor authorJong Ho Hong
    contributor authorKwang Yul Kim
    date accessioned2017-12-16T09:01:15Z
    date available2017-12-16T09:01:15Z
    date issued2017
    identifier other%28ASCE%29NH.1527-6996.0000259.pdf
    identifier urihttp://138.201.223.254:8080/yetl1/handle/yetl/4237513
    description abstractThis 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.
    publisherAmerican Society of Civil Engineers
    titleEstimating Damage Costs from Natural Disasters in Korea
    typeJournal Paper
    journal volume18
    journal issue4
    journal titleNatural Hazards Review
    identifier doi10.1061/(ASCE)NH.1527-6996.0000259
    treeNatural Hazards Review:;2017:;Volume ( 018 ):;issue: 004
    contenttypeFulltext
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