Economic Impacts of Natural Disasters on the United States
Most people in history and around the globe have encountered disasters. A disaster is an event or a situation which has devastating impacts on local capacity, requiring the appeal to national or international level for external assistance. Thus, natural disasters are caused by nature, and they include floods, hurricanes, volcanic eruptions, earthquakes, avalanches, tsunamis, lightning, and tornados. Additionally, natural disasters have cost many countries economic losses and annual deaths. Most previous research has focused on the short-run and long-run economic impacts of natural disasters. Therefore, this paper focuses on natural disasters and its short and long run economic impact.
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Stable institutions can invest in pre-disaster preparedness and planning that results in less damage in case of a disaster by providing information and emergency operations on future events. In conclusion, pre-planning for future events could lower the loss of lives through a better emergency response.
Abbot, P. (2004). Natural Disasters, 4th edition. New York. McGraw Hill
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