Anticipating Economic Impacts of the 2012 Drought

David A. Swenson and Liesl Eathington

Staff General Research Papers Archive from Iowa State University, Department of Economics

Abstract: All of Iowa's counties were considered to be in severe drought, and a third were suffering exceptional drought conditions by August 1st, 2012. It is logical to ask, therefore, how Iowa's overall economy will be affected by the current situation. Economists caution against attempting to project economic impacts while in the midst of a disaster. It often takes months if not years to fully understand the magnitude of damages, losses, and the public's costs. Accordingly, while this drought is on-going, it is only possible to infer the kinds of economic damages to be expected, but not the magnitude of those losses in economic terms. This report looks at the direct, indirect and other effects that the current drought will have on Iowa's agricultural economy, general commerce, governments, and households.

Keywords: economic impact; drought (search for similar items in EconPapers)
Date: 2012-08-08
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