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Natural disasters and economic policy challenges

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  • John Freebairn

Abstract

The frequency of and magnitudes of natural disasters associated with exogenous variation of climate vary between areas. Household, business and government decisions on location and investment influence the private and society costs of natural disasters. Government economic policy towards natural disasters face a challenging trade‐off between short term equity and long term efficiency objectives. Additional financial grants and subsidies for those adversely affected by a natural disaster event for equity reasons also reduce longer term private sector incentives and rewards to locate to less natural disaster‐prone areas and to invest in mitigation strategies.

Suggested Citation

  • John Freebairn, 2024. "Natural disasters and economic policy challenges," Australian Economic Papers, Wiley Blackwell, vol. 63(1), pages 5-15, March.
    • Handle: RePEc:bla:ausecp:v:63:y:2024:i:1:p:5-15
    DOI: 10.1111/1467-8454.12291
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    References listed on IDEAS

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    1. Productivity Commission, 2009. "Government Drought Support," Inquiry Reports, Productivity Commission, Government of Australia, number 46.
    2. Lin Crase, 2021. "Lessons in Policy Incoherence: A Review of Recent Water Policies, Water Planning and Drought Policy in Australia," Economic Papers, The Economic Society of Australia, vol. 40(4), pages 313-330, December.
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    Cited by:

    1. Markus Brueckner, 2024. "Introduction to special issue: The economics of catastrophes," Australian Economic Papers, Wiley Blackwell, vol. 63(1), pages 1-4, March.

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