Economic assessment of flood damage

Vladivostok State University of Economy and Service, Gogolya str., 41, Vladivostok, 690014, Russia

^* Corresponding author: tanmir12@mail.ru

Abstract

Flooding is a natural hazard. In this regard, the topic of floodprone area management is being actively explored. The study of this issue is a combination of two aspects - environmental and economic. The economic assessment of the consequences of flooding is a single cost model based on an economic criterion. Characteristics such as flooding depth, flooding duration and flooding rate have the greatest influence on the severity of subsequent damage. Standard damage tables are usually based on some damage versus flooding depth. Assuming that the conceptual basis for estimating damages is the same, the expected damages from flooding might be expected to vary between two countries if the flood characteristics are different and the damageability of properties varies between the two countries. The main factors identified by the authors in the course of the study, influencing the amount of damage from flooding, are: flood resistance group; existing physical wear and tear; flooding level. The damage is considered as a percentage of the decrease in the real value of the object. To improve the accuracy of determining flood damage, a multivariate regression analysis tool with the interdependence of influencing factors was selected. It should be noted that the most significant factor is the level (depth) of flooding. The factor of the flood resistance group, which depends on the capital group of the object, seems to be less significant. The least significant factor is the degree of physical deterioration of the object.