Valuing Weather and Climate: Economic Assessment of Meteorological and Hydrological Services
This publication is intended to help National Meteorological and Hydrological Services and other providers of these services better understand economic valuation methods that can enable them to design and commission studies to support their work.
It notes that the number of reported hydrometeorological disasters has increased almost fivefold in the past four decades. And technologies such as the Internet and smartphones have generated more demand for weather, climate, water and related information services.
To optimally invest and meet rapidly evolving demands, it urges studies on the full benefits these services can provide.
It also supports using the results of such studies to improve service delivery through business optimization and communication with decisionmakers, users and the public.
The report uses a value chain to explain the generation of “met/hydro” service benefits linking the production and delivery of services to user decisions and the outcomes and values resulting from those decisions.
Studies can be designed for the purpose of validating the current provision of individual or all met/hydro services, justifying new investments in those services, or demonstrating the value of met/hydro services in key sectors such as agriculture, aviation or energy. The report describes 10 steps for conducting a socioeconomic benefit study.
It also explains basic economic concepts needed to conduct a cost-benefit analysis, for example, and gives an overview of methods that have been used to assess the benefits of met/hydro services. And it guides readers on ways to communicate study results.
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