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From the American Association for the Advancement of Science' EurekAlert:
While volcano alerts keep risk-area residents informed of volcanic hazards, a new study finds that alerts issued during long periods of volcanic unrest can negatively impact a region's economy
The Volcano Alert Level (VAL) system, standardized by the United States Geological Survey (USGS) in 2006, is meant to save lives and keep citizens living in the shadow of an active volcano informed of their current level of risk.
A new study published in Risk Analysis suggests that, when an alert remains elevated at any level above "normal" due to a period of volcanic unrest, it can cause a decline in the region's housing prices and other economic indicators. Because of this, the authors argue that federal policymakers may need to account for the effects of prolonged volcanic unrest -- not just destructive eruptions -- in the provision of disaster relief funding.
A team of geoscientists and statistical experts examined the historical relationship between volcano alerts issued by the United States Geological Survey (USGS) and regional economic growth for three of the country's most dangerous volcanoes: Washington State's Mount St. Helens, Hawaii's K?lauea, and California's Long Valley Caldera.
They analyzed the effect of VALs and their predecessors (such as hazard alerts and volcano alerts) on local housing prices and business patterns over a 42-year period, from 1974 to 2016. The economic indicators used in the analysis included annual housing price, number of business establishments per 1,000 square kilometers, the number of employees per 1,000 inhabitants, and payroll per employee.
The team used econometric models to observe economic indicator trends during times when an increase in volcanic activity above "normal" led to a public alert. "Signs of volcanic unrest include ground deformation, rising C02 emissions, and increased earthquake frequency," says Justin Peers, East Tennessee State University.
Both lower and higher alert level notifications were shown to have short-term effects on housing prices and business indicators in all three regions. The most significant negative impacts were seen for California's Long Valley Caldera area from 1982-83 and 1991-97. Home to Mono Lake, Mammoth Mountain, and the very popular Mammoth Lakes ski area, this complex volcanic region has experienced prolonged episodic unrest....
....MUCH MORE
If the powers-that-be are examining the tradeoffs of more vs. less sensitive warning triggers doesn't that imply they are willing to accept more risk, YOUR RISK!
...Volcano insurance?
Why yes stranger.
The state of Washington wants everyone to know about "Volcano coverage for your home and auto"
The major property/casualty insurer State Farm has a page devoted to "How Volcano Damage is Covered on Your Insurance"
Here's a testimonial:
Peter: "No, no, no. I read about this in a book once."Salesman: "How about I let you in on something every home owner needs: VOLCANO INSURANCE!
Brian: "You sure it was a book? You sure it wasn't nothing?"
Now, I have an uncle that knows a lot about volcanoes, and he says a volcano is coming THIS WAY."
Peter: "But we've never had any trouble with volcanoes."
Salesman: "Well don't you think we're due for one?"
Peter (thinking): Touche, salesman. I too have an uncle.
Peter: Come in....
