Citation

Porfiriev B. Int. J. Disaster Risk Reduct. 2012; 1: 55-61.

Copyright

(Copyright © 2012, Elsevier Publishing)

DOI

10.1016/j.ijdrr.2012.05.005

PMID

unavailable

Abstract

Historical facts and research literature provide evidence about increasing vulnerability of the global economy to natural hazards and disasters. The paper highlights the factors contributing to the economy's vulnerability to disasters and disasters' impact on economic growth both in a global and Russian perspectives. Two interpretations of disasters' controversial effects on economy are provided. It is argued that despite minor macroeconomic effect of disasters in historical perspective and even some positive feedback of those on economic growth the disasters should not be considered as Shumpeterian creative force. Considering the catalyzing effect on economic growth limited by single and mostly minor hazard impact and increasing number of major (severe) impacts that debilitate even the most developed economies, the disasters should rather be treated in negative socio-economic terms. This implies a set of comprehensive measures to reduce disaster risk. Such measures are analyzed as approaches and priorities from perspective of economics within the framework of disaster mitigation policy.