Evaluating the cost and benefits of earthquake protection of buildings

2018 ◽  
Vol 11 (2) ◽  
pp. 263-278 ◽  
Author(s):  
Benedetto Manganelli ◽  
Marco Vona ◽  
Pierfrancesco De Paola
Keyword(s):  
Real Estate ◽  
Seismic Risk ◽  
Risk Mitigation ◽  
Tax Incentives ◽  
Seismic Retrofitting ◽  
Content Type ◽  
Seismic Risk Mitigation ◽  
The Cost ◽  
Earthquake Protection ◽  
Real Estate Assets

Purpose The purpose of this study is the evaluation of the cost and benefits of earthquake protection of buildings to verify whether the legislative push, through tax incentives, will produce results and lead to a redevelopment of private real estate assets. Design/methodology/approach Through contingent valuation, this research aims to measure the propensity of homeowners to invest in the seismic security of their properties. The sample of homeowners was selected in a southern Italy city, which was characterized by a medium-high seismic hazard. The willingness to pay, once made independent from the family income, was compared with the actual cost of a seismic retrofitting technique to assess its cost-effectiveness. Findings The analysis developed on an example case shows that the economic sustainability of the intervention is only verified when considering the current tax incentives for this type of intervention. Practical implications Choosing to introduce a system to compulsory insurance against seismic risk could certainly be a strong incentive for the implementation of retrofitting interventions on private real estate assets. In this direction, investigations like this can be fundamental to establish the fair risk premium. Originality/value The need for effective seismic risk mitigation policies is also based on the growing awareness of the, often fatal, effects of seismic events, emphasized by the recent medium and high intensity events that hit Italy. The issue of the security of residential buildings is therefore a very topical issue in view of their high seismic vulnerability and the vast number of buildings requiring major seismic retrofitting. Therefore, the propensity of owners to intervene in improving the seismic performance of their properties can be crucial in seismic risk mitigation.

scholarly journals Sharing Soil and Building Geophysical Data for Seismic Characterization of Cities Using CLARA WebGIS: A Case Study of Matera (Southern Italy)

2021 ◽  
Vol 11 (9) ◽  
pp. 4254
Author(s):  
Nicola Tragni ◽  
Giuseppe Calamita ◽  
Lorenzo Lastilla ◽  
Valeria Belloni ◽  
Roberta Ravanelli ◽  
...  
Keyword(s):  
Urban Area ◽  
Seismic Risk ◽  
Risk Mitigation ◽  
Mitigation Strategies ◽  
Seismic Retrofitting ◽  
Surface Model ◽  
Fundamental Frequencies ◽  
Geophysical Surveys ◽  
Seismic Risk Mitigation ◽  
Seismic Characterization

In the context of seismic risk, studying the characteristics of urban soils and of the built environment means adopting a holistic vision of the city, taking a step forward compared to the current microzonation approach. Based on this principle, CLARA WebGIS aims to collect, organize, and disseminate the available information on soils and buildings in the urban area of Matera. The geodatabase is populated with (i) 488 downloadable geological, geotechnical, and geophysical surveys; (ii) geological, geomorphological, and seismic homogeneous microzone maps; and (iii) a new Digital Surface Model. The CLARA WebGIS is the first publicly available database that reports for the whole urban area the spatial distribution of the fundamental frequencies for soils and the overlying 4043 buildings, along with probability levels of soil-building resonance. The WebGIS is aimed at a broad range of end users (local government, engineers, geologists, etc.) as a support to the implementation of seismic risk mitigation strategies in terms of urban planning, seismic retrofitting, and management of post-earthquake crises. We recommend that the database be managed by local administrators, who would also have the task of deciding on future developments and continuous updating as new data becomes available.

scholarly journals CLARA WebGIS: Sharing Soil and Building Geophysical Data for Seismic Characterization of the City of Matera (Southern Italy)

2021 ◽  
Author(s):  
Nicola Tragni ◽  
Giuseppe Calamita ◽  
Lorenzo Lastilla ◽  
Valeria Belloni ◽  
Roberta Ravanelli ◽  
...  
Keyword(s):  
Urban Area ◽  
Seismic Risk ◽  
Risk Mitigation ◽  
Mitigation Strategies ◽  
Seismic Retrofitting ◽  
Surface Model ◽  
Geophysical Surveys ◽  
Seismic Risk Mitigation ◽  
Seismic Characterization ◽  
The City

In the context of seismic risk, studying the characteristics of urban soils and of the built environment means adopting a holistic vision of the city taking a step forward compared to the current microzonation approach. Based on this principle, CLARA WebGIS aims to collect, organise, and disseminate the available information on soils and buildings in the urban area of Matera. The geodatabase is populated with i) 488 downloadable geological, geotechnical, geophysical, surveys; ii) geological, geomorphological, and seismic homogeneous microzones maps and iii) a new Digital Surface Model. The CLARA WebGIS (https://smartcities-matera-clara.imaa.cnr.it/) is the first publicly available database reporting for the whole urban area the spatial distribution of the fundamental frequencies for soils and the overlying 4043 buildings, along with probability levels of soil-building resonance. The WebGIS is addressed to a broad target of end users (local government, engineers, and geologists, etc.) as a support to the implementation of seismic risk mitigation strategies in terms of urban planning, seismic retrofitting, and management of post-earthquake crises. We recommend that the database be managed by local administrators, who would also have the task of deciding on future developments and continuous updating as new data becomes available.

Proactive Actions Based on a Resilient Approach to Urban Seismic Risk Mitigation

2020 ◽  
Vol 14 (1) ◽  
pp. 321-335
Author(s):  
Marco Vona
Keyword(s):  
Urban Planning ◽  
Emergency Management ◽  
Seismic Risk ◽  
Risk Mitigation ◽  
Housing Stock ◽  
Mitigation Strategies ◽  
Housing System ◽  
Management Tools ◽  
Natural Risk ◽  
Seismic Risk Mitigation

Background: Seismic risk mitigation is an important issue in earthquake-prone countries, and needs to be solved in those complex communities governed by complex processes, where urban planning, socioeconomic dynamics, and, often, the need to preserve cultural assets are present simultaneously. In recent years, due to limited financial resources, mitigation activities have often been limited to post-earthquake events, and only a few in periods of inactivity, particularly in urban planning. At this point, a significant change in point of view is necessary. Methods: The seismic risk mitigation (and more generally, natural risk mitigation) must be considered as the main topic in urban planning and in the governance of communities. In fact, in several recent earthquakes, significant socioeconomic losses have been caused by the low or lack of resilience of the communities. This is mainly due to the high vulnerability of private buildings, in particular, housing units. Results: Therefore, in recent years, several studies have been conducted on the seismic resilience of communities. However, significant improvements are still needed for the resilience assessment of the housing stock, both qualitatively and quantitatively. In this study, which is applied to the housing system, a proposal regarding a change in urban planning and emergency management tools based on the concept of resilience is reported. As a first application, a case study in Italy is considered. Conclusion: The proposal is focused on defining and quantifying the improvement of the resilience of the communities and this must be obtained by modifying the current Civil Protection plan. New tools are based on a new resilience community plan by encompassing urban planning tools, resilient mitigation strategies, and consequently, emergency management planning.

Seismic Risk Mitigation of Historical Masonry Towers by Means of Prestressing Devices

2010 ◽  
Vol 133-134 ◽  
pp. 843-848 ◽  
Author(s):  
Adolfo Preciado Quiroz ◽  
Silvio T. Sperbeck ◽  
Harald Budelmann ◽  
Gianni Bartoli ◽  
Elham Bazrafshan
Keyword(s):  
Seismic Risk ◽  
Seismic Vulnerability ◽  
Risk Mitigation ◽  
Numerical Models ◽  
Failure Mechanisms ◽  
Masonry Towers ◽  
Seismic Risk Mitigation ◽  
Historical Masonry ◽  
Observed Damage ◽  
And Behavior

This work presents the investigation of the efficiency of different prestressing devices as a rehabilitation measure for the seismic risk mitigation of historical masonry towers. As a first phase, the seismic vulnerability of theoretical masonry towers was assessed by means of numerical models validated with information from the literature, observed damage and behavior of these structures due to passed earthquakes (crack pattern and failure mechanisms), and mainly taking into account the engineering experience. Afterwards, the validated models were rehabilitated with different prestressing devices; analyzing the results and concluding which device or the combination of them improved in a better way the seismic performance of the masonry towers. Finally, the methodology will be applied in two historical masonry towers located in seismic areas; the medieval tower “Torre Grossa” of San Gimignano, Italy, and one of the bell towers of the Cathedral of Colima, Mexico.

scholarly journals Revisiting currency swaps: hedging real estate investments in global city markets

2018 ◽  
Vol 36 (2) ◽  
pp. 191-209
Author(s):  
Philipp Bejol ◽  
Nicola Livingstone
Keyword(s):  
Real Estate ◽  
Foreign Currency ◽  
Risk Mitigation ◽  
Sampling Technique ◽  
Real Estate Market ◽  
Small Scale ◽  
Negative Consequences ◽  
Content Type ◽  
Net Worth ◽  
Individual Asset

Purpose The purpose of this paper is to re-examine currency swaps as an effective hedging technique for individual asset performance in today’s global real estate market, by considering hypothetical prime office investments across six different cities and five currency pairs. The perspective of a risk-averse, high net worth, non-institutional, smaller-scale Swiss investor is paired with investors from five additional national markets. Design/methodology/approach The study examines currency swaps in key office markets across three continents (Frankfurt, London, New York, Sydney, Warsaw and Zurich) and extends previous work on the topic by adopting both Monte Carlo (MC) and Latin Hypercube (LH) techniques to create stochastic samples for individual asset performance analyses. This is the first paper to apply LH sampling to currency swaps with underlying real estate assets, and the validity of this method is compared with that of MC. Four models are presented: the experience of the domestic investor (no exchange rate (ER) fluctuations); an unhedged direct foreign investment; hedging rental income and initial purchase price via a currency swap; and hedging rental income and anticipated terminal value. Findings The efficacy of a swap depends on the historical framework of the ERs. If the foreign currency depreciates against the domestic one, hedging the repatriated cash flow of a property investment proved superior to the unhedged strategy (EUR, GBP, PLN and USD to the CHF). An investor would benefit from exposure to an appreciating foreign currency (CHF to the EUR, GBP, PLN and USD), with an unhedged strategy clearly outperforming the currency swap as well as the domestic investor’s performance, while a historically sideways fluctuating ER (AUD to the CHF) also favours an unhedged approach. In all scenarios, unexpected economic or market shocks could cause negative consequences on the repatriated proceeds. Practical implications This research is of interest to small-scale, non-institutional investors aiming to develop strategies for currency risk mitigation in international investments for individual assets; however, tax-optimising strategies and the implications on a larger portfolio have not been taken into account. Originality/value There is no recent academic work on the efficacy of currency swaps in today’s global office market, nor has the position of smaller-scale high net worth investors received much academic attention. This research revisits the discussion on their validity, providing contemporary insight into the performance of six markets using LH as an alternative and original sampling technique.

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