Dive Brief:
- More than 60% of company executives said they were "not completely prepared" to handle the effects of last year's hurricanes, according to a survey from FM Global.
- FM Global cited over-reliance on insurance and denial of risk as some of the major reasons for unpreparedness.
- Nearly 70% of respondents in the survey said they'll change their risk management strategy to be prepared for future disasters.
Dive Insight:
The solid waste sector was not immune to the effects of 2017's hurricane season. Houston saw its recycling collection stalled for weeks and a nearby Superfund site damaged. In Puerto Rico, delays in waste collection sparked health concerns and in the U.S. Virgin Islands, officials debated how to properly dispose of massive amounts of green waste and storm debris.
These incidents reiterate just how important it is for cities and companies to prepare debris management plans. Planning is paramount to mitigate the costs and damages associated with natural disasters.
The 2017 hurricane season was incredibly costly. By some estimates, damage from Hurricane Harvey totaled $100 billion dollars — second only to Katrina. And last year's extreme weather served as a wake-up call for many companies to take a closer look at their risk management strategies.
Two-thirds of executives reported hurricanes having negative effect on their operations, and up-front costs can seem daunting. In the long run, however, rebuilding can stimulate business, and risk shapes strategy for resilience in the future.