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Same damage by sector, different impacts

Same damage by sector, different impacts. Same chart, but with recovery times. Conclusions. Indirect losses in London between 0.3 and 2 times that of direct losses Indirect losses tend to be uninsured

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Same damage by sector, different impacts

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  1. Same damage by sector, different impacts

  2. Same chart, but with recovery times

  3. Conclusions • Indirect losses in London between 0.3 and 2 times that of direct losses • Indirect losses tend to be uninsured • Distribution and Business Services (including the Financial Sector) cause the greatest vulnerability, so resources go here • Transport damage, including to the distribution system, is the next most significant. Impact here is difficult to predict • The structure of the economy could shift, as took place in New Orleans • Resilience of the economy depends on how limited recovery resources are allocated, and the role of government and insurers

  4. Building institutional capacity A key factor in vulnerability, especially in regards to planning and disaster responses

  5. Options: The policy hierarchy • Policies • Strategies • Action plans • Instruments • Mechanisms

  6. Options for policy-makers • Regulations – Do it or I hit you • Permits – Do it or you can’t operate • Prices – Do it or your costs rise (issue of re-cycling revenue) • Standards – Do it or you won’t get planning permission • Information – You would do it if only you knew… • De-risking – I will be the backstop for your investment • Public projects – I will do it myself (and you can tag along) • Subsidies – I will get you over the Valley of Investment Death • Public relations – I will name, shame or celebrate you • Transfers – I will facilitate transfer of finance, technology, knowledge

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