Willingness to Pay to Avoid Black Swan Events Related to Flood Risks

Buse Yavas Dewald, Ayshe Tugba Atasoy and Reinhard Madlener
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Buse Yavas Dewald: RWTH Aachen University
Ayshe Tugba Atasoy: Chair of Energy Economics and Management / Institute for Future Energy Consumer Needs and Behavior (FCN), School of Business and Economics / E.ON Energy Research Center, RWTH Aachen University

No No. 1/2026, FCN Working Papers from E.ON Energy Research Center, Future Energy Consumer Needs and Behavior (FCN)

Abstract: The 2021 Ahrtal flood in western Germany was one of the country’s costliest natural disasters and has reopened the debate on how flood protection should be financed. This paper examines residents’ willingness to pay (WTP) for future flood mitigation four years after the event. Using a contingent valuation survey of 103 residents, we estimate OLS and logistic regressions complemented by a bootstrap mediation analysis. We identify three main patterns. First, household income (ω = 0.508, p

Keywords: willingness to pay; flood risk; disaster experience; risk perception; climate adaptation; Germany (search for similar items in EconPapers)
Pages: 31
Date: 2026-01
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Persistent link: https://EconPapers.repec.org/RePEc:ris:fcnwpa:022472

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