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Law and Policy Responses to Disaster-Induced Financial Distress

In: Governance, Risk and Financial Impact of Mega Disasters

Author

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  • Julius Weitzdörfer

    (Centre for the Study of Existential Risk, University of Cambridge)

  • Simon Beard

    (Centre for the Study of Existential Risk, University of Cambridge)

Abstract

This chapter treats disaster response policies directed at the economic recovery of private households. First, we examine problems of disaster-induced financial distress from a legal and economic perspective. We do this both qualitatively and quantitatively, and focussing on residential loans, using the victims of the 11 March 2011 tsunami as our example. Then, using doctrinal and systematic analysis, we set out the broad array of law and policy solutions tackling disaster-induced debt launched by the Japanese Government. On this basis, we assess the strengths and weaknesses of these measures in terms of their practical adequacy to prevent and mitigate financial hardship and examine them against multiple dimensions of disaster justice. We conclude with suggestions for improving financial disaster recovery by taking a prospective approach, preventing the snowballing of disaster-related losses, which we argue represents a equitable and effective way forward in allocating resources following future mega disasters.

Suggested Citation

  • Julius Weitzdörfer & Simon Beard, 2019. "Law and Policy Responses to Disaster-Induced Financial Distress," Economics, Law, and Institutions in Asia Pacific, in: Akiko Kamesaka & Franz Waldenberger (ed.), Governance, Risk and Financial Impact of Mega Disasters, chapter 0, pages 47-80, Springer.
    • Handle: RePEc:spr:eclchp:978-981-13-9005-0_4
    DOI: 10.1007/978-981-13-9005-0_4
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