A socioeconomic impact analysis of a number of extreme weather events in the Maltese Islands

Abstract

This study presents the socio-economic impacts that extreme weather events have on the Maltese Islands with special emphasis on monetary damages. The world is experiencing a rising incidence of extreme weather events due to a number of different inter-related factors. This increase in extreme weather is affecting society directly through many fatalities and large incurred damages, as well as indirect impacts that affect industries and sectors in the long term. The Maltese Islands are experiencing this burden imposed by extreme weather events and thus information is required to create strategies and to learn how to cope with such a situation. Three different extreme weather events that greatly impacted the Maltese Islands are examined. This is done both from a climatological setting, by examining their formation and force, and also from an economic setting, by assessing the damages that they caused. The damages incurred from these extreme weather events are then normalized in order to implement historical loss records that are more representative in today’s context when one considers certain socio-economic factors. Using models generated by the IPCC’s CIMP5 and their RCP6 future emissions scenario, estimations are then generated for the future damages incurred by the Maltese Islands due to climate change. Solutions to the risks that future extreme weather events pose in Malta are reviewed. The Maltese Islands are affected by extreme weather events through a large number of monetary damages. Climate change aggravates the issue by introducing further future risks so action must be taken for the safety of Malta’s present and future generations. This draws a clear outline of the scope of this research that aims to calculate and bring forward the necessary data to analyse the implications of the results achieved and consequently, attempts to present solutions.