Estimates of economic impact from hazard events provide useful information for those who need an accurate reading of the economy of a region, country and or sector after a disaster. Economic impact is a function of the severity of the event, and reflects the magnitude, extent and location of event hazards, as well as the number and value of economic assets at risk to those hazards.
Kinetic Analysis produces estimates of physical damages, and economic impacts for active global events monitored through our real-time impact forecasting system (RTFS). We calculate damage value and economic impact estimates using our MPRES hazard and impact modeling platform, based on:
- detailed hazard severity and extent estimates produced from our real-time hazard modeling
- an internal database of proxy exposures, showing the expected distribution, type and value of exposures on a detailed global grid. This database is designed to produce accurate loss estimates in conjunction with our multi-hazard modeling results.
- damage modeling using ensembles of the damage function implemented in the MPRES