Analysis and evaluation of the economic impacts of extreme atmospheric conditions
Over the latest years, the frequency and gravity of extreme weather-induced events have dramatically increased (heat waves, floods, extreme winds), with devastating effects on communities, on the environment and on the economy. As far as these events are concerned, it is essential to use prompt tools to provide clear and easily-comparable data over time and space, on the characteristics of these extreme weather events. As a matter of fact, this information will allow either to evaluate the role these extreme weather events play and their evolution over time or to highlight, at the same time, how other forces may have had a major impact (for example, changes in the vulnerability or exposure of the affected areas).
In this regard, climate indexes are a synthetic and well-established tool that can be used by public entities, firms and policy makers to establish common and shared benchmarks to analyse, forecast and evaluate the financial damage caused by extreme climate events.
Research starts from the analysis of already-existing indexes, used for this goal: the Actuaries Climate Index, currently operating for North America (Canada and USA) and a slightly different version of the same index for Australia. These versions are, however, configured for geographic and climatic conditions related to those specific territories. Currently, this index is not available for Europe.