Additionally, this finding undermines the urgency to analyze past influences beyond one or two years when examining the economic impacts of natural disasters. They are, however, aware of data problems, such as incomplete reports, fluctuating quality of the reports, and correlation with GDP. Tropical cyclones are large, cyclonically rotating wind systems that form over tropical or sub-tropical oceans and are mostly concentrated on months in summer or early autumn in both hemispheres (Korty 2013). This finding clearly opposes the build-back-better hypothesis as well as the recovery to trend hypothesis. The findings can help them to identify the sectors for which they must reduce disaster risk. (2019) find a build-back-better effect for plants that survived the 1995 Kobe earthquake and Mohan etal. As tropical cyclones are highly correlated with higher temperature and precipitation (Auffhammer etal. Their destructiveness has three sources: damaging winds, storm surges, and heavy rainfalls. (2012) only differentiate between three sectors: agriculture, manufacturing, and service. First, I add to the research area on the macroeconomic effects of disasters. Furthermore, one can argue that only countries exposed to tropical cyclones are relevant for this analysis; therefore, Table 36 provides a regression of the main result for exposed countries only. The storm was named by the Australian Bureau of Meteorology on 4 February and and finally came to an end on 14 March. Immediately after the disaster, the policy should concentrate on the agriculture, hunting, forestry, and fishing, and the wholesale, retail trade, restaurants, and hotels sector aggregates, as they are most vulnerable, and/or recovery measures have not been conducted efficiently in these sectors. For sectoral GDP effects, however, no such evidence exists so far. 2019). Tropical Cyclones | World Meteorological Organization Driven by climate change, at least in some ocean basins (Elsner etal. However, one disadvantage of the EORA26 data set is that parts of the data are estimated and not measured. Given these positive demand effects, one may ask why a significant contemporaneous positive direct effect for the construction sector cannot be seen. Hurricane Florence was a powerful and long-lived Cape Verde hurricane that caused catastrophic damage in the Carolinas in September 2018, primarily as a result of freshwater flooding due to torrential rain. 2019). \end{array}\right. } Nat Clim Change 2(3):205209, Miranda JJ, Ishizawa OA, Zhang H (2020) Understanding the impact dynamics of windstorms on short-term economic activity from night lights in Central America.
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how did the tropical cyclone impact the economy of florence