Disaster risks from economic perspective: Malaysian scenario

Throughout the years, economic and mortality losses suffered as a result of intensified disaster events have been on the upward trajectory. Holistic assessment of disaster risks from economic perspective however has been partial at best. Thus, this study aims to recognize disaster risk factors in respect to economic perspective considered as crucial by construction industry stakeholders in Kelantan from an actual flood disaster scenario. It is also intended to find common aspects that the major disaster risk factors pertaining to disaster risk management may share; and to evaluate the influences of disaster management cycle posed to respective risk factors from economic perspective cited by the stakeholders. Specifically, this paper presents evidence using a quantitative analysis for identifying and ranking the disaster risk factors from economic perspective in respect to disaster management cycle via a focus group discussion consisting of key stakeholders from the construction industry. The results reflect that, in overall, damages and losses are the most recognized risk factor with 42.97% reoccurrences and this type of risk factor was also the leading risk factor cited by the participants in three of the four disaster management cycle phases discussed. Categorization and ranking of the risk factors could allow formulation of a much comprehensive disaster risk management processes and policies especially in respect to economic perspective where most damages and losses usually occur. The outcome of this study provides a basis for responsible agencies in identifying the important risk factors from the economic perspective to be considered when planning for new development or recovering from disaster events. Overall, this paper contributes to the knowledge of economic elements of a disaster risk management cycle.