Chemistry 2011.org
Chemistry2011.org
All About Chemistry... 2011 and beyond

Related Stories

How costly are natural hazards? Experts link cost assessment with risk management

Costs of natural hazards are at historically high levels, and show an increasing trend. Cost assessments of natural hazards often only cover direct costs and even these are assumed to be at least 50% higher than international assessments report.

However, besides direct damage, also indirect damage is relevant. For example, the Thailand flood in 2011 shut down scores of factories and damaged global car manufacturing and electronics industries.

But, an improved precaution requires better understanding of the total costs, which comprise besides damage also risk mitigation costs. Only like that an efficient risk management of natural hazards can be achieved.

An international group of scientists led by Heidi Kreibich (German Research Centre for Geosciences GFZ) has now for the first time suggested an integrated cost assessment in risk management. In the current issue of "nature Climate-Change'>climate change" the group drafts the new cost assessment cycle. "Cost-benefit analyses that exclude certain cost categories lead to sub-optimal decisions," Heidi Kreibich explains the approach, "The cost assessment cycle involves the continuous monitoring of costs associated with natural hazards risk management, thus enabling the early detection of inefficient risk mitigation strategies."

A close link between the cost assessment cycle and the risk management cycle lead to an improved assessment of the real costs and as such to a stable basis for an improved decision making in risk management. The possibility to make better, more efficient decisions for natural hazard risk management will gain even more importance in view of global environmental change.

Story Source:

The above story is based on materials provided by Helmholtz Centre Potsdam - GFZ German Research Centre for Geosciences. Note: Materials may be edited for content and length.

Share this story with your friends!

Social Networking

Please recommend us on Facebook, Twitter and more:

Other social media tools

Global Partners
Feedback

Tell us what you think of Chemistry 2011 -- we welcome both positive and negative comments. Have any problems using the site? Questions?

About us

Chemistry2011 is an informational resource for students, educators and the self-taught in the field of chemistry. We offer resources such as course materials, chemistry department listings, activities, events, projects and more along with current news releases.

Events & Activities

Are you interested in listing an event or sharing an activity or idea? Perhaps you are coordinating an event and are in need of additional resources? Within our site you will find a variety of activities and projects your peers have previously submitted or which have been freely shared through creative commons licenses. Here are some highlights: Featured Idea 1, Featured Idea 2.

About you

Ready to get involved? The first step is to sign up by following the link: Join Here. Also don’t forget to fill out your profile including any professional designations.

Global Partners