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The monetary benefit of early flood warnings in Europe

Pappenberger, F., Cloke, H. L., Parker, D. J., Wetterhall, F., Richardson, D. S. and Thielen, J. (2015) The monetary benefit of early flood warnings in Europe. Environmental Science and Policy, 51. pp. 278-291. ISSN 1873-6416

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To link to this item DOI: 10.1016/j.envsci.2015.04.016

Abstract/Summary

Effective disaster risk management relies on science-based solutions to close the gap between prevention and preparedness measures. The consultation on the United Nations post-2015 framework for disaster risk reduction highlights the need for cross-border early warning systems to strengthen the preparedness phases of disaster risk management, in order to save lives and property and reduce the overall impact of severe events. Continental and global scale flood forecasting systems provide vital early flood warning information to national and international civil protection authorities, who can use this information to make decisions on how to prepare for upcoming floods. Here the potential monetary benefits of early flood warnings are estimated based on the forecasts of the continental-scale European Flood Awareness System (EFAS) using existing flood damage cost information and calculations of potential avoided flood damages. The benefits are of the order of 400 Euro for every 1 Euro invested. A sensitivity analysis is performed in order to test the uncertainty in the method and develop an envelope of potential monetary benefits of EFAS warnings. The results provide clear evidence that there is likely a substantial monetary benefit in this cross-border continental-scale flood early warning system. This supports the wider drive to implement early warning systems at the continental or global scale to improve our resilience to natural hazards.

Item Type:Article
Refereed:Yes
Divisions:Interdisciplinary centres and themes > Walker Institute
Faculty of Science > School of Archaeology, Geography and Environmental Science > Earth Systems Science
Faculty of Science > School of Archaeology, Geography and Environmental Science > Department of Geography and Environmental Science
Interdisciplinary centres and themes > Soil Research Centre
Faculty of Science > School of Mathematical, Physical and Computational Sciences > Department of Meteorology
ID Code:40264
Publisher:Elsevier

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