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<h2>These 11 Cities are on the Verge of Economic Disaster</h2>
The study, from Lloyds of London, used "catastronomic" techniques to measure the economic impact of threats including natural disasters, like financial crashes, human pandemic, and wind storm and so on. There are different threats such as natural disaster and market crashes likely to occur between the years 2015 to 2025 and on that basis which countries will be affected more and their total GDP at risk for a given city was calculated.
Taipei came highest in the index, with £181.2 bn closely followed by Tokyo (£153.28 bn) and Seoul (£103.5 bn). The Lloyd’s City Risk Index is based on 301 cities, which were selected based on their economic, business and political statistics. The research has emphasized 18 global threats which can affect the business and the living of these countries.
A framework to quantify the average damage caused by a Pandora’s Box of all ills – a ‘universal’ set of catastrophes – can be used to calibrate the value of investing in resilience. This is what the GDP @Risk metric for 300 World Cities attempts to provide. We believe that it is possible to estimate the cost to a business, city, region or the global economy, from all catastrophic shocks. Such holistic approaches are an antidote to risk management that reacts to threats taken from yesterday’s news headlines.
Our simple methodology suggests that between 10 per cent and 25 per cent of GDP @Risk could be recovered, in principle, by improving a resilience of all cities. Professor Daniel Ralph, academic director of the University of Cambridge Centre for Risk Studies, said. Here is the list of 11 cities for GDP@Risk (US$ Bn)
1) Taipei £181.2 bn
2) Tokya £153.28 bn
3) Seoul £103.5 bn
4) Manila £101.09 bn
5) New York £90.36 bn
6) Los Angeles £90.32 bn
7) Istanbul £82.32 bn
8) Osaka £79.32 bn
9) Shanghai £78. 21 bn
10) Hong Kong £74. 51 bn
11) Lima £69. 36 bn