COVID-19 economic impacts in perspective: A comparison to recent U.S. disasters. (15th June 2021)

• Record Type: Journal Article
• Authors: Rose, Adam
• Is Part Of: International journal of disaster risk reduction. Volume 60(2021)
• Publication Date: 2021-06-15
• Subjects: COVID-19 -- September 11 -- Macroeconomic impacts -- Natural disasters -- Comparative analysis; Emergency management -- Periodicals; Risk management -- Periodicals; Disaster relief -- Periodicals; Hazard mitigation -- Periodicals; 363.34
• DOI: 10.1016/j.ijdrr.2021.102317
• Languages: English
• ISSNs: 2212-4209

Abstract

Abstract: This paper places the COVID-19 pandemic into perspective by comparing it to other recent disasters in terms of impacts on the macroeconomy of the U.S. We present a short summary of advances in the state-of-the-art of economic consequence analysis, as well as estimates this approach yields on economic impacts of 9/11, a variety of natural disasters, the Great Recession, and COVID-19. The prevention of these negative impacts represents the benefits of various types of risk management tactics and strategies. In light of the enormously greater economic impact of COVID-19 as compared to natural and man-made disasters, it is reasonable to question whether adequate investments are being made to prevent future pandemics.