TY - JOUR A1 - Hudson, Paul A1 - Botzen, W. J. Wouter A1 - Poussin, Jennifer A1 - Aerts, Jeroen C. J. H. T1 - Impacts of flooding and flood preparedness on subjective well-being BT - a monetisation of the tangible and intangible impacts JF - Journal of Happiness Studies N2 - Flood disasters severely impact human subjective well-being (SWB). Nevertheless, few studies have examined the influence of flood events on individual well-being and how such impacts may be limited by flood protection measures. This study estimates the long term impacts on individual subjective well-being of flood experiences, individual subjective flood risk perceptions, and household flood preparedness decisions. These effects are monetised and placed in context through a comparison with impacts of other adverse events on well-being. We collected data from households in flood-prone areas in France. The results indicate that experiencing a flood has a large negative impact on subjective well-being that is incompletely attenuated over time. Moreover, individuals do not need to be directly affected by floods to suffer SWB losses since subjective well-being is lower for those who expect their flood risk to increase or who have seen a neighbour being flooded. Floodplain inhabitants who prepared for flooding by elevating their home have a higher subjective well-being. A monetisation of the aforementioned well-being impacts shows that a flood requires Euro150,000 in immediate compensation to attenuate SWB losses. The decomposition of the monetised impacts of flood experience into tangible losses and intangible effects on SWB shows that intangible effects are about twice as large as the tangible direct monetary flood losses. Investments in flood protection infrastructure may be under funded if the intangible SWB benefits of flood protection are not taken into account. KW - Flooding KW - Subjective well-being KW - Intangible losses KW - Tangible losses KW - Climate change KW - Adaptation KW - Climate change adaptation Y1 - 2017 U6 - https://doi.org/10.1007/s10902-017-9916-4 SN - 1389-4978 SN - 1573-7780 VL - 20 IS - 2 SP - 665 EP - 682 PB - Springer Science CY - Dordrecht ER - TY - JOUR A1 - Hudson, Paul A1 - Botzen, W. J. Wouter A1 - Aerts, Jeroen C. J. H. T1 - Flood insurance arrangements in the European Union for future flood risk under climate and socioeconomic change JF - Global environmental change : human and policy dimensions N2 - Flood risk will increase in many areas around the world due to climate change and increase in economic exposure. This implies that adequate flood insurance schemes are needed to adapt to increasing flood risk and to minimise welfare losses for households in flood-prone areas. Flood insurance markets may need reform to offer sufficient and affordable financial protection and incentives for risk reduction. Here, we present the results of a study that aims to evaluate the ability of flood insurance arrangements in Europe to cope with trends in flood risk, using criteria that encompass common elements of the policy debate on flood insurance reform. We show that the average risk-based flood insurance premium could double between 2015 and 2055 in the absence of more risk reduction by households exposed to flooding. We show that part of the expected future increase in flood risk could be limited by flood insurance mechanisms that better incentivise risk reduction by policyholders, which lowers vulnerability. The affordability of flood insurance can be improved by introducing the key features of public-private partnerships (PPPs), which include public reinsurance, limited premium cross-subsidisation between low- and high-risk households, and incentives for policyholder-level risk reduction. These findings were evaluated in a comprehensive sensitivity analysis and support ongoing reforms in Europe and abroad that move towards risk-based premiums and link insurance with risk reduction, strengthen purchase requirements, and engage in multi-stakeholder partnerships. KW - Climate change adaptation KW - Flood risk KW - Insurance KW - Public-private partnerships KW - Risk reduction Y1 - 2019 U6 - https://doi.org/10.1016/j.gloenvcha.2019.101966 SN - 0959-3780 SN - 1872-9495 VL - 58 PB - Elsevier CY - Oxford ER -