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Measuring the Economic Impact of Preparedness during Severe Weather Events

Speakers: Haydar Kurban, Ph.D. Professor of Economics, Director of Center Race and Wealth (CRW) and NCAS-M Research Fellow Howard University and Jasmine Fuller, Ph.D. Student Department of Economics at Howard University and Research Assistant for this project

Abstract: This project utilizes information on preparedness for severe weather events from two national represented surveys (American Housing Survey supplement and FEMA National Household Survey) to study mitigating effects of preparedness on the economic costs of severe weather events. These data sets allow us to study the variations in preparedness across various geographies, socio-economic groups, and severe weather event types. In our empirical model we attempt to estimate the economic impact of preparedness on the economic costs of severe weather events.

Key Takeaways:
This project develops a new approach to measure the economic impacts of NOAA weather forecasts. Preparedness for severe weather events is determined by many factors including forecast accuracy, risk communication, and household and community preparedness. This study shows that there are significant variations in preparedness across severe weather events, geographies and socio-economic groups. Our study quantifies the economic impacts of the variations on economic costs of severe weather events.

About the Speakers:
Haydar Kurban is Professor of economics, NCAS-M Research Fellow, and Director of the Center on Race and Wealth at Howard University. His research areas include financial security, vulnerable populations and climate change, valuation of weather forecast products, and urban renewal programs. Dr. Kurban has published in journals including Regional Science Urban Economics, National Tax Journal, Cityscape, Economic Development Quarterly, Journal of Housing Economics, & Economics of Education Review.

Jasmine Fuller is an economics Ph.D student at Howard University in Washington DC. She specializes in urban and environmental economics exploring the financial consequences of climate change and other environmental issues. Currently she serves as a research assistant at Howard University investigating the economic impacts of weather forecasts

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