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Measuring Impacts Of Extreme Weather Events Using The Life Satisfaction Approach

C. Möllendorff, J. Hirschfeld
Published 2016 · Economics

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Extreme weather events cause harm among the aggrieved party that often goes beyond material damages. This paper studies the impact of extreme weather events on measures of self-reported life satisfaction. Focusing on Germany, we use representative panel data for 2000–2011 to study the effect of seven storm & hail events and five floods on subjective well-being in the affected NUTS 3 regions. Our results indicate that both weather experiences bear statistically significant negative externalities. Following an extreme weather event, life satisfaction is reduced by 0.020–0.027 on the 11-point scale. While the effect of storm & hail events is rather immediate in nature, the effect from floods persists much longer.
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