Murray Carter

This project aimed to provide evidence on the economic, social, and environmental impacts of natural hazards, in order to help hazard managers make better decisions about the allocation of resources for the mitigation of natural hazards impacts. The main focus of this research was the development of tools and materials that make it easier for natural hazards managers to estimate the value of mitigation, integrate intangible (non-market) values in economic analyses of mitigation, and evaluate the difference it makes to include non-market values. Through this project, the research team launched an online platform for the Value Tool for Natural Hazards, a searchable database of the best available non-market value estimates relevant to natural hazards; developed the Economic Analysis Screening Tool for the evaluation of the costs and benefits of mitigation options; created an online video course on the economics of natural hazards to explain economic concepts and how they are applied to evaluate different mitigation options; and conducted an online training course for managers and practitioners on how to use economics in natural hazards management.

What if an earthquake hit central Adelaide? A major flood on the Yarra River through Melbourne? A bushfire on the slopes of Mount Wellington over Hobart?

‘What if?’ scenario modelling through this project is helping government, planning authorities and emergency service agencies think through the costs and consequences of various options on preparing for major disasters on their infrastructure and natural environments and how these might change into the future.

The research is based on the premise that to reduce both the risk and cost of natural disasters, an integrated approach is needed to consider multiple hazards and a range of mitigation options.