[Slides]Modeling Economic Resilience to Disasters – Adam Rose & Dan Wei, USC

[Recording]Modeling Economic Resilience to Disasters – Adam Rose & Dan Wei, USC

Disasters can cause both severe property damage and business interruption. Various resilience tactics can be implemented by infrastructure providers and businesses to promote the continuity of their operations once the disaster strikes. These responses can help prevent the collapse of the regional economy.

REMI invites you to our guest webinar, “Modeling Economic Resilience to Disasters,” on Wednesday, June 12th from 2 to 3 p.m. (ET) that will be presented by Adam Rose and Dan Wei, research fellows at the University of Southern California Center for Risk and Economic Analysis of Terrorism Events (CREATE). Their discussion details the importance of economic resilience, which refers to the ability to promote business continuity in an efficient manner and accelerate recovery after disaster strikes.

Both Dr. Rose and Dr. Wei have extensive experience with the REMI PI+ model and with various models that analyze the economic consequences of and resilience to terrorism and natural disasters. The researchers will present an analytical framework for assessing resilience in the context of the REMI model, which includes basic definitions of resilience, specification of a resilience metric, descriptions of various resilience tactics, and the cost-effectiveness of these tactics revealed by a recent survey of Hurricane Harvey victims.

Our guest speakers will illustrate their approach through the simulation of various resilience tactics applicable to a seaport disruption.

Their presentation also provides detailed specification of the steps required to incorporate some of the resilience tactics into REMI’s economic modeling software and ways to estimate the effect of other tactics through various side-calculations that adjust direct disaster impacts that are input into the model and by adjusting model outputs.