Conference Agenda
Overview and details of the sessions of this conference. Please select a date or location to show only sessions at that day or location. Please select a single session for detailed view (with abstracts and downloads if available).
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Daily Overview |
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Climate Change Adaptation: Insurance and Households Location: B003 Session Chair: James Sanchirico, University of California, Davis | |
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Regional macroeconomic effects of private autonomous household climate change adaptation 1: TU Delft, Netherlands, The; 2: Euro-Mediterranean Center on Climate Change Foundation, Lecce 73100, Italy; 3: Resources for the Future and Euro-Mediterranean Center on Climate Change Foundation European Institute on Economics and the Environment, Milan 20144, Italy; 4: Department of Environmental Sciences Informatics and Statistics, Ca’ Foscari University, Venice 30172, Italy; 5: PBL Netherlands Environmental Assessment Agency, The Hague 2594 AV, The Netherlands Climate change increasingly exposes households to direct damages from climate-induced hazards such as river floods, yet their role in macroeconomic assessments remains largely overlooked. Economic modeling has so far focused predominantly on government-led adaptation and damages to firms, while household losses and autonomous responses are absent from standard CGE frameworks. This paper introduces a fourth channel into the EU-EMS regional CGE model to explicitly capture household-level damages and private adaptation actions. We extend the model to represent household living assets, reconstruction needs, and investments in structural measures such as flood-proofing, using physical damage estimates and microdata on household adaptation costs. Our results show that excluding household-level damages misrepresents long-term economic outcomes, as reconstruction-driven GDP gains mask inefficiencies and resource misallocation. By contrast, proactive household adaptation improves aggregate EU GDP by 0.4% by 2100, corresponding to cumulative gains of €858 billion, though impacts vary substantially across countries and regions. A government-backed loan scheme markedly enhances these benefits by protecting savings and consumption, reversing negative GDP outcomes in more vulnerable economies. We further demonstrate that the timing of household adaptation matters: while immediate action is essential in some countries, delaying by a decade can be economically advantageous elsewhere. Our findings show that private household adaptation is neither marginal nor uniform: its economy-wide consequences depend on regional context, timing, and supportive public policies. | |