Economic consequences of floods in Maritime provinces
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Date
2017
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University of New Brunswick
Abstract
Historically Maritime Provinces are vulnerable to flooding events. Destructive consequences of these events have been seen in the past and are expected to occur in the future.
The goal of this study is to establish a relationship between socio-economic, climate change and direct flood factors on the one hand and economic losses from floods on the other. The study attempts to assess economic consequences of floods as the most frequent, damagecausing extreme weather event in Maritimes. Evaluation of the above mentioned relationship is done on the basis of regression analysis of the event-by-event cross-sectional data collected from Canadian Disaster Database, database of Environment Departments and Local Governments of Maritime Provinces. The study concludes that economic impact from floods in Maritimes is negative and significant which calls for the design of mitigation measures. In this regard, economic loss from floods represents the upper bound for potential investment into mitigation measures.