Towards The Development Of A Comprehensive
Systematic Quantification Of The Costs And
Benefits Of Property Level Flood Risk Adaptation
Author(s)
R. Joseph1,2, D. G. Proverbs1, J. Lamond1 & P. Wassell2
Abstract
Research in the UK, has shown that one of the reasons that people may not take
action to guard against potential flood damage to their properties is that they lack
first-hand information on the costs and benefits of available mitigation measures.
From these perspective, fundamental issues of both universal and constraint
uncertainties in property-level flood adaptation cost benefit analysis are
discussed. Individuals who have direct knowledge of the potential flood risks
that they are exposed to and subsequently have information on the costs and
benefits of adapting their properties to flood risks, would be more likely to take
action, and thus more inclined to undertake mitigation measures. The application
of the concept of cost benefit analysis to flood mitigation measures at household
levels has inherent uncertainties. A major exclusion in the past from flood
mitigation cost benefit analyses has been the intangible impacts of flooding upon
households, and this represents a form of systemic uncertainty. Research has
shown that intangible impacts are both large and more important to affected
households than are the tangible impacts; therefore quantification of the
intangible impacts of flooding, for the purpose of developing a comprehensive
cost benefit analysis model, is of a paramount importance in assessing the full
impact of flooding on households, and hence currently represent a form of
systematic uncertainty. The challenge of this research is how to quantify
intangible impact/losses in the context of the cost benefit analysis approach.
Keywords
cost-benefit analysis, choice modelling, contingent valuation, intangible impacts, property-level flood adaptation
Related Book
Other papers in this volume
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