AFTER THE THRILL IS GONE: IMPACT ANALYSIS OF THE 1995 KOBE EARTHQUAKE AND ITS RECONSTRUCTION

Yasuhide Okuyama

Chapter 5 in Economics of Natural Disasters, 2018, pp 119-146 from World Scientific Publishing Co. Pte. Ltd.

Abstract: In January 1995, the Kobe earthquake occurred in the second largest economic region of Japan, and its economic damages were estimated around 10 trillion yen. This chapter investigates the economic effects from the event, based on the empirical data using the econometric technique and structural analysis method. The results indicate that the event had created statistically significant deviations from the pre-earthquake growth path of Kobe. In addition, the damages from the earthquake and subsequent reconstruction activities led to significant structural changes in the regional economy, which further affected Kobe’s long-run growth trend. These results are elucidated with the reconstruction plans implemented by the City of Kobe and the Hyogo Prefecture.

Keywords: Environmental Economics; Damages; Evaluation; Country Studies; Eartquakes; Tsunamis; Cost Benefit Analysis; Resilience; Sustainablitiy; Landslides; Floods; Volcanic Eruptions; Monsoons; Catastrophic Risk Management (search for similar items in EconPapers)
JEL-codes: Q50 (search for similar items in EconPapers)
Date: 2018
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