Developing a policy framework for investments in disaster risk resilience – an economic and social cost approach
Deloitte Access Economics (Australia) has explored the costs of natural disasters and associated policy implications since 2013. Our in-depth research advocates for practical solutions to increasing resilience such as incorporating resilience into investment decisions and identifying opportunities for greater coordination between governments, businesses and communities in managing pre-disaster resilience. We have been involved in researching and analysing the impact of natural disasters in Australia through our partnership with the Australian Business Roundtable for Disaster Resilience and Safer Communities, a mix of private and community sector organisations, annually since 2013. We have also completed applied work with various Government bodies. Most recently, this includes working with the Queensland Reconstruction Authority to estimate the economic and social cost of natural disasters and working with the Australian Federal Department of Home Affairs to support their understanding of the requirements for data collection to meet the United Nations Sendai Framework for Disaster Risk Reduction.
Leveraging our recent work in Australia, we propose to run a 1.5-hour interactive seminar session on the topic ‘Developing a policy framework for investment in disaster risk resilience – an economic and social cost approach’. The session will cover the following:
- An approach to estimating economic and social costs of natural disasters, and the challenges of estimating tangible and intangible (uninsured) costs
- The benefit of an economic analysis approach to inform disaster risk assessment, and public investment in resilience;
- Understanding and communicating the economic and social impact risk to different stakeholders in the community; and
- The importance of developing a public policy framework to understand economic and social risks, and to help prioritise mitigation investments.
We will leverage our previous work and take participants through a case study example (e.g. adapting to sea-level rise risks) of how a social and economic cost approach can be beneficial to help assess risks and prioritise investments. We anticipate that this session will be useful to policy makers to understand innovative ways of assessing and communicating disaster risk, and to develop a holistic approach to prioritising adaptation investments.
Organizer: Deloitte Access Economics