The PhD research aims to investigate the impacts of hydrological hazards (especially floods, but also droughts) in the commercial sector, which is an important part of the economic dynamics. For this, I will focus on analysing and estimating flood-related damages to key business assets (buildings, equipment, stock) as well as indirect damages like interruption time. The information on flood damage to inform this research will be collected through field surveys, considering major past events such as the July 2021 floods.
Research topic explained
This research aims to develop a new empirical flood loss model for the business sector in Belgium, the Netherlands, and Germany. It is envisioned to collect and capitalize on existing flood damage data to identify main loss components and key drivers, and to better understand how businesses recover from and adapt to hydrological risks. The aforementioned insights could support action plans for preparedness and recovery, as well as innovative solutions to minimize vulnerability.
One of the key steps in constructing the empirical cross-country model is the collection of data from major flood events where such data were previously unavailable, as was the case in Belgium. We have contacted and surveyed more than 100 companies, mostly through on-site visits, making this a highly interactive effort with the business community.
In parallel, the literature review shows that while damage models for the commercial sector do exist, they are scarcer than those for the residential sector, are typically developed for a single region or country, and still exhibit high levels of uncertainty.