: Countries with high public debt levels experience significantly lower growth following disasters, as they lack the "fiscal space" to borrow for necessary rebuilding. Key Factors Mitigating Economic Risk
The economic toll of a disaster is categorized into two distinct types of losses:
: Secondary effects following the event, including business interruptions, lost wages, supply chain disruptions, and increased financial market volatility. Short-Term Shocks and "False" Growth
: Developing countries often face more severe output declines (average losses of 2.1 to 3.7 percentage points) due to lower resource mobilization capacity and limited insurance markets.
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