1.2.2. Economic Vulnerability

So, hazard that may cause some kind of impact on human life and property does not only define the disaster, it also matter that how many people when they are exposed to that hazard. But that is not only enough, it also depends on what and what types of people, what are their characteristics, what are their features, who are exposed to that disaster, so to define disaster so, the question is why is so? We consider this is a vulnerability, that vulnerability is one of the critical conditions to define that the degree of disasters.

Disasters are not just defined by the hazards that cause them, but also by the number of people affected and their characteristics. Vulnerability is the term used to describe the factors that make certain communities or individuals more at risk of being negatively impacted by disasters. It relates to how susceptible a community is to hazards due to social, economic, environmental, and physical factors.

Imagine a flood. If a wealthy community has resilient infrastructure and well-prepared emergency plans, they may not suffer severe consequences. In contrast, a poorer neighborhood may have inadequate housing and lack of resources to evacuate. Even if both communities face the same flood, the impact will be drastically different due to their vulnerabilities.

Now, we define vulnerability as the condition, that determined by physical, social, economic and environmental factors or process which increase the susceptibility of a community to the impact of hazard. So, which places are more vulnerable to a hazard; which geographical region, socio-economic class etc., who are the vulnerable people like which kind of households or individuals are and what should be done like, what kind of capacity or adaptation, capacity building or adaptation measures, preventive measures we can take.

Vulnerability is influenced by a variety of factors. These include social aspects like age, gender, and ethnicity, which affect how communities cope with disasters. For example, vulnerable individuals may require specific resources and support during a disaster, such as shelters tailored for women or elderly people. Understanding which regions or socioeconomic classes are more at risk helps in planning prevention and adaptation measures effectively.

Think of a neighborhood where many elderly residents live alone. During a power outage caused by a storm, they may struggle to get help or access necessary services. In contrast, a more youthful and interconnected community might quickly organize support for one another, showcasing how social structure impacts vulnerability.

So, we have to also consider the economic environment or economic factors of vulnerability. One is the income and assets and insurance and debts. How much the person's income has, not only income, but also if they have insurance like if someone has flood insurance so if they are affected, and how they will be impacted by the flood, it depends on insurance.

Economic vulnerability refers to how financial stability and assets affect a community's ability to withstand disasters. Factors such as income, insurance coverage, and debt levels are crucial. For instance, a person with flood insurance may fare better after a disaster as they have financial backing for recovery. Conversely, someone lacking insurance or with high debts may struggle significantly to bounce back.

Consider two business owners affected by a flood. One has comprehensive flood insurance and savings, allowing them to quickly rebuild. In contrast, another has no insurance or savings and faces enormous debt, making it challenging for them to recover, highlighting the decisive role of economic factors in disaster resilience.

But this is just for as a reference; we can have also physical factors of disaster vulnerability. Like, the land use and this mainly came from land use and engineering architectural perspective to define the physical vulnerability of disaster.

Physical vulnerability encompasses geographic and structural elements influencing how hazards impact a community. This includes building design, materials used, and land use planning. Areas prone to flooding or earthquakes, for instance, will have structures built to withstand such disasters, affecting their vulnerability.

Imagine two neighborhoods: one has buildings designed to withstand earthquakes, while the other has older structures that are not. When an earthquake occurs, the first neighborhood may experience minimal damage, while the second could suffer extensive destruction, exemplifying the importance of physical factors.

Also, we have environmental factors like the extent of natural resource depletions, the state of resource degradations, exposure to toxic and hazardous pollutants.

Environmental factors involve natural and polluted conditions that heighten vulnerability. Communities facing environmental degradation, such as deforestation or polluted water sources, may have reduced resilience to hazards. These groups might face compounded risks during disasters due to weakened ecosystems and public health.

Think of a coastal region suffering from pollution and overfishing. This environment is already stressed, making it highly vulnerable to hurricanes. When a hurricane strikes, the community faces not only the immediate threat of the storm but also long-term impacts on their depleted resources and health.

So, hazard, exposure and vulnerability these 3 components are important to understand disaster risk. We will later on also discuss about disaster vulnerability in a more broader perspective.

To fully understand disaster risk, it is crucial to consider hazards, the exposure of people and property to those hazards, and the vulnerability of communities. The interplay among these components defines the extent of the disaster's impact on society and helps identify effective prevention strategies.

Consider a city near a river. The river is a hazard, especially during heavy rains. If the city has a high population density, many homes are at risk, increasing exposure. If many residents lack insurance and live in poorly built homes, their vulnerability grows. This situation exemplifies how all three components—hazard, exposure, and vulnerability—interact.

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