Collaborative Research: A Micro-empiric Examination of the Economic Effects from Natural Disasters in Dense Urbanized Areas: The Case of Hurricane Sandy and New York City

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Dense urbanized areas are places where businesses thrive, but they are also increasingly vulnerable to natural disasters. This project aims to quantify the effect of natural disasters, and specifically Hurricane Sandy, on the resilience and recovery of business establishments in a large and dense urban center, New York City. The findings will inform financial planning and risk-assessment strategies for businesses, property owners, and government officials so that they can be better prepared against the threats of natural disasters and execute more effective recovery processes. The findings from this study will enable governments to better understand the economic costs of disasters, identify the most vulnerable businesses, and help bolster the resilience of those vulnerable businesses and enable them to recover more rapidly in the face of extreme events. The results will also help local governments design and target more effective programs to support urban businesses and neighborhoods after disaster events. Overall, the findings will not only help to improve the viability of individual businesses and properties damaged by disasters, but also to enhance the overall economic health of coastal cities. The PIs will create a rich dataset on business activity, properties, neighborhoods and storm damage and use it to analyze the nature and degree of post-disaster resilience for businesses in New York City. They will examine whether or not resilience varies depending on the type and size of the business, the characteristics of the local neighborhood and the severity of the disaster's damage. They will use various analytical techniques and research designs to better identify the direct impact of a natural disaster on the nature and duration of a business' recovery and resilience. They will also test to see if government aid either facilitates or hinders the business' recovery by looking at the case of Business Recovery Zones in New York City.