BENEFIT-COST ANALYSIS FOR REDUCING THE VULNERABILITY OF THE HOUSING SERVICE SECTOR ASSOCIATED WITH NATURAL HAZARDS
Houses or living in buildings near the coastline are more likely to experience damage from natural disasters such as flooding, tsunamis. The damages to the housing service sector near the coastline due to natural hazards can cause billions of dollars annually. Most tsunami waves from natural disasters are less than 10 feet. It has been known that elevating your house will help reduce damage to our property from most natural disasters near the coastline. To improve the resiliency of the housing sector, reconstructing houses by the method of elevating coastal houses will be useful to minimize the associated risks and property damage. The major objectives of this research are to conduct a benefit-cost analysis in terms of private, financial, economic, efficiency using nominal and real terms for minimizing the vulnerability of houses near the coastline associated with natural hazards. To measure the benefit and cost of a strategy of elevating coastal houses, this research will conduct a benefit-cost analysis due to the investment costs for reconstructing houses by the method of elevating coastal houses using historical economic and financial data. Reducing risks of property damages and economic perturbations in the housing service sector through reconstructing houses by the method of elevating coastal houses will lead to improving the resiliency of interrelated infrastructures and sectors. Moreover, the resiliency of the houses near the coastline will help in speeding the recovery from or resistance to natural hazards in the long run.