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Climate change management: a resilience strategy for flood risk using Blockchain tools

Author

Listed:
  • Emanuele Vannucci

    (University of Pisa)

  • Andrea Jonathan Pagano

    (Riga Technical University)

  • Francesco Romagnoli

    (Riga Technical University)

Abstract

This work aims to offer a contribution in the analysis and management, from an economic and financial point of view, of the flood risk, and extended to the hydrogeological risk, from the perspective of a public administration. As main responsible actor for containing the phenomenon through the maintenance of the territory, public administration is responsible for the cost of restoring of the services that have been damaged by this type of phenomenon. The assets of which the public administration must ensure the restoration are all public infrastructures (i.e. transportation, energy and water supply system, communication) together with the damage suffered by private property, if these affect services to be guaranteed to the population. In this work, the authors propose possible strategies that a public administration can put in place to deal with flood risk. Three main strategies are analysed: an absolute passivity that provides for the payment of damages as they occur (i.e. business-as-usual scenario), a classic insurance scheme, a resilient and innovative insurance scheme. The economic–financial profiles of these strategies proposed in this work put an emphasis on how the assumption of a time horizon can change the convenience of one strategy compared to the others. This study highlights the key role of the quantification of flood risk mitigation measure from an engineering perspective, and their potential issues to pursue these objectives in connection to the regulatory framework of the public administrations. This synergy is supported by the potential use of Blockchain-based tools. Within the paper is highlighted the key role that such platform IT data management platform could have within risk analysis and management schemes, both as a data collection tool and as certification of the various steps necessary to complete the process.

Suggested Citation

  • Emanuele Vannucci & Andrea Jonathan Pagano & Francesco Romagnoli, 2021. "Climate change management: a resilience strategy for flood risk using Blockchain tools," Decisions in Economics and Finance, Springer;Associazione per la Matematica, vol. 44(1), pages 177-190, June.
    • Handle: RePEc:spr:decfin:v:44:y:2021:i:1:d:10.1007_s10203-020-00315-6
    DOI: 10.1007/s10203-020-00315-6
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    References listed on IDEAS

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    1. Reguero, Borja G. & Beck, Michael W. & Schmid, David & Stadtmüller, Daniel & Raepple, Justus & Schüssele, Stefan & Pfliegner, Kerstin, 2020. "Financing coastal resilience by combining nature-based risk reduction with insurance," Ecological Economics, Elsevier, vol. 169(C).
    2. Fabio Castelli & Marcello Galeotti & Giovanni Rabitti, 2019. "Financial Instruments for Mitigation of Flood Risks: The Case of Florence," Risk Analysis, John Wiley & Sons, vol. 39(2), pages 462-472, February.
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