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date: 08 February 2025

Economics and Disaster Risk Managementlocked

Economics and Disaster Risk Managementlocked

  • Randrianalijaona Mahefasoa, Randrianalijaona MahefasoaUniversity of Antananarivo
  • Razanakoto Thierry, Razanakoto ThierryUniversity of Antananarivo
  • Salava Julien, Salava JulienCenter for Studies and Research on International Development
  • Randriamanampisoa HolimalalaRandriamanampisoa HolimalalaUniversity of Antananarivo
  • , and Lazamanana PierreLazamanana PierreUniversity of Antananarivo

Summary

Economics is the science of wealth, the main objective of which is to satisfy human needs within the constraint of limited available resources. The production and consumption patterns of economic agents are examined in order to identify the most efficient and optimal ways of meeting needs. At the same time, redistribution problems have an important place in economic science, and they lead to questions of development and economic growth.

Since the 1990s, officially declared by the United Nations as the International Decade for Natural Disaster Reduction (IDNDR), the relatively frequent occurrence of devastating disasters, induced mainly by natural hazards but also by human activities, development efforts and economic growth have been seriously threatened. Poverty alleviation efforts undertaken by nations in the Global South and supported by international donors, as well as development outcomes worldwide, are suffering from disasters. The international community has become more and more aware of the need to systematically mainstream disaster risk reduction in development policy and strategy. Therefore, disaster risk reduction economics is becoming a priority and part of economics as a science. For more than three decades, based on risk assessment, risk prevention and mitigation strategies, including structural and nonstructural measures, such as but not limited to, risk retention and transfer, preparedness as well as ex-post activities such as response, recovery and reconstruction are using economic variables and tools since mid-2000s to become more efficient. Furthermore, protecting economic growth and development benefits is possible only if enough attention is given to risk science. From this perspective, risk science is becoming part of economics, as evidenced by the new branch called risk reduction economics, which is essential to the attainment of sustainable development goals and resilient societies.

Subjects

  • Risk Management
  • Economic Analysis of Natural Hazards
  • Climate Change
  • Development

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