This chapter will discuss the notion of natural disaster risk and present an integrated risk management approach against long term macroeconomic risks on the country level which can also be used for cross-country economic vulnerability analysis. The chapter starts with an overall introduction to the notion of risk and specifies the concept in the context of natural disaster events in section 2.2. Because disasters stem from the realization of risk, definitions, conditions and consequences of natural disasters are presented in section 2.3. Section 2.4 summarizes the discussion by presenting a new approach for catastrophic risk management on the country level.


Natural Disaster Risk Management Strategy Disaster Risk Management Financial Vulnerability Direct Risk 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.


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  1. 1.
    See the model from Piaget and Inhelder 1969.Google Scholar
  2. 2.
    See for example Adams 1995, Renn and Rohrmann 2000, Caplan 2000, Lupton 1999.Google Scholar
  3. 3.
    A excellent guide through the history of risk was written by Bernstein 1996.Google Scholar
  4. 4.
    However, Shrader-Frechette (1997) noted that these new labels are nothing new and articulated earlier by her.Google Scholar
  5. 5.
    There are ongoing efforts, mainly in the economic literature, to find an unifying approach in expressing risk. See for example Aven et al. 2004.Google Scholar
  6. 10.
    For a summary of definitions and approaches see for example Adger 1999, Brooks 2003, Siegel et al. 2003.Google Scholar
  7. 11.
    Probability based approaches are most of the time superior to limited information approaches due to various reasons, see for example Kramer 1995.Google Scholar
  8. 13.
    The concept was built by four persons in the Risk and Vulnerability, formally known Risk, Modeling and Society, group in IIASA, see also Mechler, Hochrainer, Bayer and Pflug 2006.Google Scholar

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