The Invisibility of Disaster Risks
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Earlier we mentioned that economic losses from disasters might seem low in poor communities and that this was misleading. That is because the calculation of loss is often confined to the financial costs of replacing what was damaged or destroyed. The low financial value of assets in poor communities, however, is a reflection of the impoverished quality of housing, infrastructure, and services characteristic of these communities and understates the negative impacts of their loss on poor households. To a large extent, an adequate calculation cannot be restricted to a purely financial evaluation. Asset losses among the poor are therefore difficult to measure according to what, in the last instance, is a business paradigm.