Hurricane Katrina and Economic Implications
Hurricane Katrina and the Economic Implications
The events of the incident and the economic backlash
The 2005 Hurricane Katrina that ended up encompassing the cities of Texas, Mississippi and Louisiana can be termed as one of the most deadly hurricanes to hit the United States of America and left millions of people in absolutely despair along with serious economic implications for the entire country to cope up with. The government and administration of President Bush ended up allocating almost $105 billion to stabilize the country and the hurricane-hit regions. The hurricane disrupted not just the lives of people but also left them helpless and worried about the fulfillment of their basic needs as there was a disruption in the supply of many commodities like Oil, cotton and other food supplies.
The Hurricane left almost 600,000 people in New Orleans absolutely jobless. The estimated loss that the Hurricane left on the economy of Mississippi and Louisiana went up to $150 billion which was quite a massive amount. The huge drop in income left the aggregate demand and expenditure in the economy to nearly nothing because people could barely afford to continue their daily lives with the extent of devastation. The people had no money to pay taxes either which left the government with no taxation income either. These states were known to be the poorest regions in the United States of America with high rates of unemployment even before the disaster and this just aggravated the whole problem.
The production of a variety of things was also severely affected such as that of oil production and the shortage in the supply now that the Gulf States were in such conditions. The oil platforms could not be located as they had sunk or could not be found anymore. There was a massive reduction in the amount of oil being produced by the country. Even the supply of gas was disrupted and this supply shock led to the prices shooting up because there was much more demand than could be met because of the shortages created. The mines of food crops such as cotton, corn and beans were destroyed and the exports could not take place which also hindered the export...
There is a modern emphasis, which has resulted from the experience of the economic impact of disaster, on a more extensive and 'distributed' mode of thinking about disaster recovery. This is an important factor that should be stressed as it has direct implications in terms of the economic aspects of disaster recovery planning in an increasingly networked and technologized contemporary working environment. This aspect is cogently expressed in a
S. is imported through or fished out of the Gulf. Katrina struck right at the peak of harvesting season. At the same time, Louisiana is the nation's top oyster producer, and wholesalers are waiting in fear to see if the beds have been damaged" ("Katrina's Impact"). Therefore, food and agriculture may also show signs of economic fallout for years to come. Much of this remains to be seen, as all
" When a person files for bankruptcy, a person's trust, conscience, moral responsibility and accountability are all jeopardized. Trust Trust has always been an important factor in any credit transaction. With the increase of informal credit sales such as credit cards, trust is crucial between the debtor and the creditor for the liquidity of the transaction. In earlier days, economic trust was interpreted as strong as other forms of human interaction such
Insurance in Illinois Hurricanes and Insurance Burdens & Considerations The insurance industry in the United States is a major economic force in the country, but is the largest commercial entity regulated at a state, rather than a federal level. This has been the case since the McCarran-Ferguson Act of 1945. An insurance policy company mush go through regulation on a state-to-state level, where policies and practices often differ. While outsourcing has been
Organizational Accountability Review of Taiwan's Disaster Management Activities In Response To Typhoon Morakot Taiwanese System of Government 174 Responsibility of Emergency Management in Taiwan 175 Disasters in Taiwan 175 Citizen Participation 189 Shafritz defines citizen participation as follows: 192 Public Managers, Citizen Participation, and Decision Making 192 The Importance of Citizen Participation 197 Models of Citizen Participation 199 Citizen Participation Dilemmas 205 Accountability 207 Definitions of Accountability 207 The Meaning of Accountability 208 The Functions of Accountability 213 Citizen Participation and Accountability 216 Accountability Overloads
New Orleans Flood Control System Analysis Dr. Maribel Mojica Howell This paper will look into the cost and benefit analysis of the New Orleans Flood Control System. The origin of the flood protection system and its mode of operation will also be discussed. Finally, we will evaluate the expenses of running the system as well as the valuation of expected returns in case of a subsequent calamity. The engineers faced with the task
Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.
Get Started Now