ASSESSMENT MODEL FOR MEASURING CASCADING ECONOMIC IMPACTS DUE TO SEVERE WEATHER-INDUCED POWER OUTAGES

This research has developed an assessment model and framework to measure cascading economic impacts in terms of gross domestic product (GDP) loss due to severe weather-induced power outages. The major objectives of this research were to (1) identify physical correlations between different industries within an economic system, (2) define deterministic relationships through the values of interconnectedness and interdependency between 71 industries, (3) complete probabilistic estimation of economic impacts using historical economic data spanning from 1997 to 2016, and (4) develop an assessment model that can be used in the future to measure economic loss in terms of gross domestic product (GDP) across 71 industries.