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Economic Impacts of the Loma Prieta Earthquake: A Focus on Small Businesses

Author

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  • Kroll, Cynthia A.
  • Landis, John D.
  • Shen, Qing
  • Stryker, Sean

Abstract

On October 17, 1989, an earthquake of 7.1 magnitude on the Richter scale shook northern California. Centered in the Loma Prieta area of the Santa Cruz mountains, south of the San Francisco Bay Area, the quake caused significant damage not only in nearby cities such as Santa Cruz and Watsonville but also in major urban centers such as Oakland and San Francisco (see Figure 1). For a region long aware of earthquake risks, the quake was a sharp reminder of vulnerability. As history has shown, the area faces the potential risk of an earthquake of ten to fifteen times the magnitude of the October 17th quake, possibly centered much closer to urban centers, any time in the next few decades. The most recent major quake, then, has provided an opportunity to examine the regions economic vulnerability to the damage and disruption caused by earthquakes.

Suggested Citation

  • Kroll, Cynthia A. & Landis, John D. & Shen, Qing & Stryker, Sean, 1991. "Economic Impacts of the Loma Prieta Earthquake: A Focus on Small Businesses," University of California Transportation Center, Working Papers qt05f3382m, University of California Transportation Center.
    • Handle: RePEc:cdl:uctcwp:qt05f3382m
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    Cited by:

    1. Stéphane Hallegatte & Valentin Przyluski, 2010. "The Economics of Natural Disasters," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 11(02), pages 14-24, July.
    2. Giorgio Di Pietro & Toni Mora, 2015. "The Effect of the L'Aquila Earthquake on Labour Market Outcomes," Environment and Planning C, , vol. 33(2), pages 239-255, April.
    3. Stéphane Hallegatte & Valentin Przyluski, 2010. "The Economics of Natural Disasters," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 11(2), pages 14-24, July.
    4. Hallegatte, Stéphane & Dumas, Patrice, 2009. "Can natural disasters have positive consequences? Investigating the role of embodied technical change," Ecological Economics, Elsevier, vol. 68(3), pages 777-786, January.
    5. Fan Li & Lin Wang & Zhigang Jin & Lifang Huang & Bo Xia, 2020. "Key factors affecting sustained business operations after an earthquake: a case study from New Beichuan, China, 2013–2017," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 104(1), pages 101-121, October.
    6. Samiul Hasan & Greg Foliente, 2015. "Modeling infrastructure system interdependencies and socioeconomic impacts of failure in extreme events: emerging R&D challenges," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 78(3), pages 2143-2168, September.
    7. Stéphane Hallegatte, 2014. "Modeling the Role of Inventories and Heterogeneity in the Assessment of the Economic Costs of Natural Disasters," Risk Analysis, John Wiley & Sons, vol. 34(1), pages 152-167, January.
    8. Sandra Sydnor & Linda Niehm & Yoon Lee & Maria Marshall & Holly Schrank, 2017. "Analysis of post-disaster damage and disruptive impacts on the operating status of small businesses after Hurricane Katrina," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 85(3), pages 1637-1663, February.
    9. Brian Sauser & Clifton Baldwin & Saba Pourreza & Wesley Randall & David Nowicki, 2018. "Resilience of small- and medium-sized enterprises as a correlation to community impact: an agent-based modeling approach," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 90(1), pages 79-99, January.
    10. David Ortiz & Eduardo Reinoso & Jorge Alberto Villalobos, 2021. "Assessment of business interruption time due to direct and indirect effects of the Chiapas earthquake on September 7th 2017," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 108(3), pages 2813-2833, September.
    11. Eduardo Cavallo & Ilan Noy, 2009. "The Economics of Natural Disasters: A Survey," Research Department Publications 4649, Inter-American Development Bank, Research Department.
    12. Lorenzo Carrera & Gabriele Standardi & Francesco Bosello & Jaroslav Mysiak, 2014. "Assessing Direct and Indirect Economic Impacts of a Flood Event Through the Integration of Spatial and Computable General Equilibrium Modelling," Working Papers 2014.82, Fondazione Eni Enrico Mattei.
    13. Stéphane Hallegatte & Fanny Henriet & Jan Corfee-Morlot, 2011. "The economics of climate change impacts and policy benefits at city scale: a conceptual framework," Climatic Change, Springer, vol. 104(1), pages 51-87, January.
    14. Hallegatte,Stephane & Bangalore,Mook & Jouanjean,Marie Agnes, 2016. "Higher losses and slower development in the absence of disaster risk management investments," Policy Research Working Paper Series 7632, The World Bank.
    15. Giorgio Di Pietro & Toni Mora, 2015. "The effect of the L’Aquila earthquake on labour market outcomes," Environment and Planning C: Government and Policy, Pion Ltd, London, vol. 33(2), pages 239-255, April.
    16. Julie Zissimopoulos & Lynn Karoly, 2010. "Employment and self-employment in the wake of Hurricane Katrina," Demography, Springer;Population Association of America (PAA), vol. 47(2), pages 345-367, May.
    17. Lei He & Ziang Xie & Yi Peng & Yan Song & Shenzhi Dai, 2019. "How Can Post-Disaster Recovery Plans Be Improved Based on Historical Learning? A Comparison of Wenchuan Earthquake and Lushan Earthquake Recovery Plans," Sustainability, MDPI, vol. 11(17), pages 1-21, September.
    18. Maria Marshall & Holly Schrank, 2014. "Small business disaster recovery: a research framework," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 72(2), pages 597-616, June.
    19. Lifang Huang & Lin Wang & Jie Song, 2018. "Post-Disaster Business Recovery and Sustainable Development: A Study of 2008 Wenchuan Earthquake," Sustainability, MDPI, vol. 10(3), pages 1-22, February.
    20. Stéphane Hallegatte & Fanny Henriet, 2008. "Assessing the Consequences of Natural Disasters on Production Networks: A Disaggregated Approach," Working Papers 2008.100, Fondazione Eni Enrico Mattei.
    21. Stéphane Hallegatte, 2012. "Modeling the roles of heterogeneity, substitution, and inventories in the assessment of natural disaster economic costs," Post-Print hal-00802050, HAL.
    22. Nina Graveline & Marine Gremont, 2017. "Measuring and understanding the microeconomic resilience of businesses to lifeline service interruptions due to natural disasters," Post-Print hal-01631780, HAL.
    23. Boarnet, Marlon G., 1996. "Business Losses, Transportation Damage and the Northridge Earthquake," University of California Transportation Center, Working Papers qt80w9g0rd, University of California Transportation Center.
    24. Hallegatte, Stephane, 2014. "Economic resilience: definition and measurement," Policy Research Working Paper Series 6852, The World Bank.
    25. Stéphane Hallegatte, 2008. "An Adaptive Regional Input‐Output Model and its Application to the Assessment of the Economic Cost of Katrina," Risk Analysis, John Wiley & Sons, vol. 28(3), pages 779-799, June.

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