Document Type
Report
Publication Date
10-25-2024
Pages
24 pp.
Abstract
In this paper, we explore the potential economic impacts associated with a major hurricane making landfall in Hampton Roads. We estimate the direct damages from a Florence-like Category 3 hurricane with a 3.6 feet tidal offset are estimated at $15.6 billion, equivalent to 10% of the 2022 regional GDP. If we apply existing flood insurance rates to these projected damages, we estimate that the total economic impact would exceed $12 billion with a short-term loss of more than 76,000 jobs. The job losses are concentrated in sectors that provide services to households which would bear the brunt of damages during and after a hurricane. Reducing financial damages by increasing flood insurance take up rates is a recommended policy action to improve economic resiliency in Hampton Roads.
ORCID
0000-0002-0093-3973 (McNab), 0000-0003-4809-5718 (Chen), 0000-0002-5220-0472 (McLeod)
Repository Citation
McNab, Robert M.; Chen, Yin-Hsuen; and McLeod, George, "Estimating the Economic Impact of a Natural Disaster on the Workforce Resiliency: An Analysis of the Virginia Beach - Chesapeake - Norfolk Metropolitan Statistical Area" (2024). Presentations, Lectures, Posters, Reports. 37.
https://digitalcommons.odu.edu/odurc-presentations/37
Included in
Climate Commons, Emergency and Disaster Management Commons, Insurance Commons, Public Policy Commons, Regional Economics Commons
Comments
Acknowledgements: This study was supported by funds from the Commonwealth Center for Recurrent Flooding Resiliency (CCRFR) and Old Dominion University’s Institute for Coastal Adaptation and Resilience (ICAR).