The U.S. Chamber of Commerce Foundation, Allstate, and the U.S. Chamber of Commerce hosted a virtual event during National Preparedness Month to discuss “The Preparedness Payoff.” This study highlights the economic benefits of investing in climate resilience as billion-dollar disasters become the new normal.
- Preparedness is an investment with significant economic returns. Every dollar invested in preparedness can save communities $13 in economic impact, damages, and cleanup costs.
- Economic benefits extend beyond damage reduction to include preserved economic activity. While $6 of the $13 saved comes from reduced damages, $7 represents preserved jobs, income, and economic output.
- Cross-sector collaboration is needed for building community resilience. Effective strategies involve partnerships between government agencies, businesses, non-profits, and community groups.
- Proactive measures lead to significant improvements in preparedness and recovery. Communities investing in infrastructure upgrades, early warning systems, and emergency response plans are better positioned to withstand disasters.
With weather-related catastrophes increasing in frequency and severity nationwide, from wildfires to storm surges, preparedness investments are more necessary than ever.