@article {bnh-5929, title = {Economics of natural hazards annual report 2018-2019}, number = {512}, year = {2019}, month = {09/2019}, institution = {Bushfire and Natural Hazards CRC}, address = {Melbourne}, abstract = {

Our project aims to provide information on the economic, social and environmental impacts of natural hazards (tangible and intangible), in order to help hazard managers in their decision making. We investigate the impacts of hazard mitigation on intangible (non-market) values, to shed light on the real (total) costs and benefits of natural hazards.

Our main focus is on developing tools and materials that will provide natural hazards managers with information on the value of mitigation and how intangible (non-market) values affect the costs and benefits of mitigation activities.
Our project will have 4 key outcomes:

  1. Provide an online platform for the intangible values database (called the Value Tool for Natural Hazards). The tool will be updated and maintained beyond the project so that managers can easily integrate intangible values in their analyses.
  2. Fill major knowledge gaps identified in the literature on intangible values that are affected by the management of natural hazards and improve the value tool with this new knowledge.
  3. Develop a Quick Economic Analysis Tool for the evaluation of the (tangible and intangible) costs and benefits of mitigation options that enables managers to conduct economic analyses in weeks rather than months.
  4. Create a Free Online Course on the application of economics to the assessment of natural hazard management options.

This year, we have progressed in the 4 outcomes outlined above:

  1. A website has been created for the Value Tool. Both the database and the guidelines can now be downloaded from http://valuetoolnaturalhazards.com. As per the agreement between UWA and BNHCRC, the tool will be freely accessible to end-users and external users. The website also includes the relevant disclaimer information and instructions that users of the tool must agree to comply with.
  2. A survey instrument has been designed and road-tested in a focus group for the original non-market valuation study. The next step in this process will be to test the survey in the Shire of York (WA), where we will estimate non-market values associated with cultural heritage and mental health.
  3. The draft (Beta) version of the Quick Economic Analysis Tool (QEAT) has been completed. QEAT is currently being improved to include an easy-to-use sensitivity analysis, to be able to perform the analysis of several management options concurrently and to include a summary dashboard where all results are summarised in an easy-to-read manner. These additions are key aspects that our end-users have mentioned in the past as important to include in a tool such as this one. The Tool now needs to be validated with case studies.
  4. Equipment for creating the online videos is being purchased (e.g. green screen for background, microphone and tripod for computer). Filming of the videos will commence in July 2019.

The utilisation outputs from our project this year involved the development and distribution of tools that help natural hazard managers integration intangible (non-market) values in their decision making. The Value Tool for Natural Hazards and the accompanying guidelines are now available online and can be easily downloaded by end-users of the BNHCRC or other organisations. The Beta version of the Quick Economic Analysis Tool (QEAT) is in the process of being improved to include key aspects that were highlighted by end-users as important to include in a tool as this one.

This year there were 4 publications from the project: 3 peer-reviewed and one non-peer reviewed (see Project Publications 2018-2019 section below).

}, keywords = {Bushfire, cost-effective, cyclone, earthquake, economics, Emergency management, Flood, Natural hazards, risk management}, issn = {512}, author = {Veronique Florec and Abbie Rogers and Atakelty Hailu and David J Pannell} }