The Economics of Flood Disaster Management in the Netherlands
The Economics of Flood Disaster Management in the Netherlands
A cost-benefit analysis of flood disaster managementin the Netherlands is presented in the context of climate change. The costs and benefits of potential emergency measures in designated flood disaster areas are examined. Benefit to cost ratios based on material damage costs are modified based on the assessment of public risk aversion, measured through public willingness to accept compensation (WTAC) for controlled flooding should the designated emergency areas actually be employed in situations of disaster flooding. The estimated WTAC value is an economic indicator of the expected welfare loss due to fear, stress, and social disruption and should be added to the material damage costs of controlled flooding. WTAC is substantial, varying roughly between €185,000 and €370,000 per household per flood event, depending on flood probability and inundation depth, but also on respondent characteristics,such as evacuation history,trust in existing flood emergency plans, fear of flooding and subjective risk perception.
Keywords: Flood Disaster, Cost-Benefit Analysis, Emergency Area, Controlled Flooding, willingness to accept compensation
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