Economic resilience to natural hazards and its measurement

Natural hazards affect both developing and developed countries and cause negative effects. The extent to which societies are affected depends on many factors. For this reason, the issues of both vulnerability and resilience to natural hazards are increasingly and widely addressed in the literature. Of these, work on the economic impact of natural hazards is particularly noteworthy. There is also some work on economic resilience to natural hazards. The aim of this paper is to present the issue of economic resilience to natural hazards, including the scope of the term and its relationship to disaster resilience. For the purpose of this study, a literature review was carried out. The originality of the study lies in the adoption of the author's definition of economic resilience to natural disasters, the development of an appropriate model and the attempt to construct a measurement tool. According to the author, shaping economic resilience is dependent on the risk and vulnerability of natural hazards. The issue of economic resilience to natural hazards should be considered through the lens of three phases: preparation for natural hazards, adaptation to changing circumstances, recovery and capacity building to respond to potential future disasters. Measuring economic resilience to natural disasters based on the three phases requires further work related to inter alia verifying the availability of data based on the selected study group. The model that has been created can help countries that are often exposed to natural hazards to build up their economic resilience to these hazards.