When Two Silent Killers Meet: The Impacts of Severe Weather on Pollution, Mortality and Property Value
55 Pages Posted: 1 Dec 2023 Last revised: 5 Dec 2024
Date Written: November 1, 2023
Abstract
Toxic emissions from industrial facilities increase by 2.1% when exposed to abnormal weather shocks, primarily due to industrial accidents caused by physical damage from these events. Pollution surges resulting from these weather shocks lead to a 0.2% increase in mortality from pollution-related diseases. These climate-induced pollution risks are reflected in property values, with homes located within 1 mile of a facility experiencing a 4.3% reduction in value for each one-standard-deviation increase in climate risk. A back-of-the-envelope calculation estimates that climate-induced pollution risks result in an annual property value loss of $242 million.
Keywords: Climate Change, Industrial Pollution, Mortality, Real Estate, Severe Weather
JEL Classification: I12, Q52, Q53, Q54, R31
Suggested Citation: Suggested Citation
Chia, Liu Ee, When Two Silent Killers Meet: The Impacts of Severe Weather on Pollution, Mortality and Property Value (November 1, 2023). Available at SSRN: https://ssrn.com/abstract=4643927 or http://dx.doi.org/10.2139/ssrn.4643927
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