Economic impact of hurricanes on your business Hurricanes can have a damaging economic impact on businesses, including physical damage, supply chain disruptions, and lost revenue. Learn how to better prepare.
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The Economic Impact of Hurricane Katrina on Its Victims: Evidence from Individual Tax Returns Tatyana Deryugina Laura Kawano Steven Levitt AMERICAN ECONOMIC JOURNAL: APPLIED ECONOMICS VOL. 10, NO. 2, APRIL 2018 (pp. 202–33)
https://www.aeaweb.org/articles?id=10.1257/app.20160307
Abstract Hurricane Katrina destroyed over 200,000 homes and led to massive economic and physical dislocation. Using a panel of tax return data, we provide one of the first comprehensive analyses of the hurricane's long-term economic impact on its victims. Hurricane Katrina had large and persistent impacts on where people live, but small and surprisingly transitory effects on employment and income. Within just a few years, Katrina victims' incomes actually surpass that of controls from similar unaffected cities. The strong economic performance of Hurricane Katrina victims is particularly remarkable given that the hurricane struck with essentially no warning.
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The Local Economic Impact of Natural Disasters1 Roth Tran, Brigitte and Wilson, Daniel J. 2 August 2024 Abstract We use nearly four decades of U.S. county data to study dynamic local economic impacts of natural disasters that trigger federal aid. We find these disasters on average raise personal income per capita in the longer run (8 years out). We also find that, in the longer run, wages and home prices are higher, while employment and population are unaffected, suggesting the income boost may reflect productivity increases and greater demand for housing in supply-constrained areas or compositional shifts. Allowing for heterogeneity across disaster types, we find the longer-run income boost is driven primarily by hurricanes and tornadoes. We also find the longer-run boost increases with damages, suggestive of an important role for insurance and government aid—which are highly correlated with damages—in fueling recovery. A spatial spillover analysis suggests the longer-run net effects of local aid-inducing disasters for wider regions are near-zero.
https://www.frbsf.org/wp-content/uploads/wp2020-34.pdf
