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• W1605681085 abstract "Escalating costs of hurricane disasters in recent decades heighten public and private concern. Federal government spends millions of dollars annually in the form of hazard mitigation and public assistance grants to help impacted communities recover. Without empirical evidence, we can say little about how effective these programs are in terms of promoting local resilience. In the paper, we investigate the roles of adaptation and mitigation in reducing economic impacts of hurricanes in terms of property loss. We conduct an empirical study of property damage in 864 counties along the Atlantic basin during 1989-2009. Controlling for important drivers of property losses given by hazard incidents, economic and population growth as well as socio-economic vulnerability, we contribute to the existing literature by explicitly accounting for a wide range of public and local adaptation measures. Our results suggest that physical and socio-economic vulnerability are primary factors explaining high damages from hurricanes. We find clear evidence of the importance of regulatory-based loss mitigation strategies as exhibited by improved building codes and effectiveness of enforcement. Results suggest that where to build (zoning, land-use planning, etc.) is a significant policy complimented by how to build (building codes, retrofitting, etc.). Major structural and infrastructural projects were found to exacerbate property losses suggesting evidence of moral hazard, induced development or protective capacity limits of structural measures. Overall, the most efficient disaster loss mitigation strategy entails coordinated actions of federal and local government coupled with private self-insurance initiatives and is highly skewed towards non-structural projects." @default.
• W1605681085 created "2016-06-24" @default.
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• W1605681085 date "2012-06-01" @default.
• W1605681085 modified "2023-09-27" @default.
• W1605681085 title "The Effects of Adaptation Measures on Hurricane Induced Property Losses" @default.
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• W1605681085 doi "https://doi.org/10.22004/ag.econ.124565" @default.
• W1605681085 hasPublicationYear "2012" @default.
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