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Eugene -Springfield Area Natural Hazards Mitigation Plan 6. Appendices Changes in the resources and industries listed above are more difficult to estimate and require models that are structured to estimate total economic impacts. Total economic impacts are the sum of direct and indirect economic impacts. Total economic impact models are usually not combined with economic feasibility models. Many models exist to estimate total economic impacts of changes in an economy. Decision makers should understand the total economic impacts of natural disasters in order to calculate the benefits of a mitigation activity. This suggests that understanding the local economy is an important first step in being able to understand the potential impacts of a disaster, and the benefits of mitigation activities. Additional Considerations Conducting an economic analysis for potential mitigation activities can assist decision - makers in choosing the most appropriate strategy for their community to reduce risk and prevent loss from natural hazards. Economic analysis can also save time and resources from being spent on inappropriate or unfeasible projects. Several resources and models are listed on the following page that can assist in conducting an economic analysis for natural hazard mitigation activities. Benefit/cost analysis is complicated, and the numbers may divert attention from other important issues. It is important to consider the qualitative factors of a project associated with mitigation that cannot be evaluated economically. There are alternative approaches to implementing mitigation projects. Opportunity rises to develop strategies that integrate natural hazard mitigation with projects related to watersheds, environmental planning, community economic development, and small business development, among others. Incorporating natural hazard mitigation with other community projects can increase the viability of project implementation. Resources CUREe Kajima Project, Methodologies for Evaluating the Socio-Economic Consequences of Large Earthquakes, Task 7.2 Economic Impact Analysis, Prepared by University of California, Berkeley Team, Robert A. Olson, VSP Associates, Team Leader; John M. Eidinger, G&E Engineering Systems; Kenneth A. Goettel, Goettel and Associates, Inc.; and Gerald L. Horner, Hazard Mitigation Economics Inc., 1997 Federal Emergency Management Agency, Benefit/Cost Analysis of Hazard Mitigation Projects, Riverine Flood, Version 1.05, Hazard Mitigation Economics, Inc., 1996 Federal Emergency Management Agency, Report on the Costs and Benefits of Natural Hazard Mitigation. Publication331, 1996. Goettel & Horner Inc., Earthquake Risk Analysis Volume III: The Economic Feasibility of Seismic Rehabilitation of Buildings in the City ofPortland, Submitted to the Bureau of Buildings, City of Portland, August 30, 1995. 6-127 January 2020