Economic damages due to extreme precipitation during tropical storms: evidence from Jamaica

Collalti, Dino; Strobl, Eric

doi:10.1007/s11069-021-05025-9

Cited by 11 publications

(10 citation statements)

References 87 publications

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“…As we detailed earlier, the scientific literature indicates that the rainfall from these storms has increased because of climate change. Furthermore, the literature has also provided evidence that rainfall is one of the primary drivers of damage from storms in the Caribbean (e.g., Collalti and Strobl, 2022).…”

Section: Attributionmentioning

confidence: 99%

Climate Change, Hurricanes, and Sovereign Debt in the Caribbean Basin

Cavallo,

Gómez,

Noy

et al. 2024

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Caribbean Islands are exposed to hurricanes, the damages of which are projected to intensify due to anthropogenic climate change. The region is also highly indebted. We focus on the interaction between climate change, hurricanes, and public debt. We investigate what the typical impact of Caribbean hurricanes on public debt in the region has been and how anthropogenic climate change has shaped this impact. Our findings show that for the 10 most severe storms, the average increase in debt, measured as the difference between post and pre-storm trends, is about 10 percent. Three years after such a storm, debt levels are 18 percent higher than what would have been expected otherwise. Based on findings from Extreme Weather Event Attribution (EEA) research, we calculate that the impact of a severe hurricane on public debt that is attributable to climate change amounts to an increase of 3.8 percent of the debt stock relative to the level of debt at the time of the event.

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Section: Attributionmentioning

confidence: 99%

Climate Change, Hurricanes, and Sovereign Debt in the Caribbean Basin

Cavallo,

Gómez,

Noy

et al. 2024

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“…Jamaica is the third-largest island of the Greater Antilles in the Caribbean. Kingston, on the southeastern coast of the island, is the capital and largest city, driving the economy with major industries such as tourism, manufacturing, and shipping [11]. Jamaica presents complex geographical and hydro-climatological characteristics due to its tectonic and Caribbean location.…”

Section: Jamaica: Hazards and Impactsmentioning

confidence: 99%

“…EM-DAT does not provide more recent information. These natural hazards heavily affect the Jamaican population, estimated at 2.8 million people today, and result in significant GDP losses [11,20].…”

Section: Jamaica: Hazards and Impactsmentioning

confidence: 99%

“…However, the coastal area is highly vulnerable to tropical cyclones, storm surges, and sea level rise, all of which result in flooding. Besides being highly vulnerable to tropical cyclones, Jamaica is also prone to extreme rainfall events that historically have resulted in significant losses for non-coastal areas dedicated to agricultural production due to river flooding [11].…”

Section: Flooding Hazardsmentioning

confidence: 99%

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Big Data, Small Island: Earth Observations for Improving Flood and Landslide Risk Assessment in Jamaica

et al. 2023

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The Caribbean region is highly vulnerable to multiple hazards. Resultant impacts may be derived from single or multiple cascading risks caused by hydrological-meteorological, seismic, geologic, or anthropological triggers, disturbances, or events. Studies suggest that event records and data related to hazards, risk, damage, and loss are limited in this region. National Disaster Risk Reduction (DRR) planning and response require data of sufficient quantity and quality to generate actionable information, statistical inferences, and insights to guide continual policy improvements for effective DRR, national preparedness, and response in both time and space. To address this knowledge gap, we review the current state of knowledge, data, models, and tools, identifying potential opportunities, capacity needs, and long-term benefits for integrating Earth Observation (EO) understanding, data, models, and tools to further enhance and strengthen the national DRR framework using two common disasters in Jamaica: floods and landslides. This review serves as an analysis of the current state of DRR management and assess future opportunities. Equally, to illustrate and guide other United Nations Disaster Risk Reduction (UNDRR) priority countries in the Pacific region, known as Small Island Developing States (SIDS), to grapple with threats of multiple and compounding hazards in the face of increasing frequency, intensity, and duration of extreme weather events, and climate change impact.

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“…Unfortunately, Jamaica, one of the most vulnerable countries in the Caribbean, is at risk of losing many homes. The country's numerous disasters have drawn the attention of researchers in not only quantifying the impact of these events but also predicting future losses and highlighting the need to implement adaptation techniques (Smith and Mandal, 2014;Burgess et al, 2018;Spencer and Urquhart, 2021;Collalti and Strobl, 2022).…”

Section: Introductionmentioning

confidence: 99%

Extreme Weather and Real Estate: A Case Study of the Jamaican Housing Market

Spencer¹

2023

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The damaging effects of extreme weather on residential real estate are concerning for many countries around the world. Results from combining hurricane and rainfall events with 16 years of data on sale prices of land, apartments and the value of mortgages across different localities in Jamaica reveal that the housing market should take urgent adaptation measures. While hurricanes play a role in reducing apartment prices, they do not affect residential housing prices and the value of existing mortgages. The study also demonstrates that extreme rainfall reduces the value of new mortgages. The results point to the importance of climate adaptation for the real estate market and property investment.

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Economic damages due to extreme precipitation during tropical storms: evidence from Jamaica

Cited by 11 publications

References 87 publications

Climate Change, Hurricanes, and Sovereign Debt in the Caribbean Basin

Climate Change, Hurricanes, and Sovereign Debt in the Caribbean Basin

Big Data, Small Island: Earth Observations for Improving Flood and Landslide Risk Assessment in Jamaica

Extreme Weather and Real Estate: A Case Study of the Jamaican Housing Market

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