Summary:
Volcanoes represent complex natural geological systems capable of creating many dangerous phenomena. Volcanic activity has always affected populations, infrastructure, and generally the economic development of an area. In this research dissertation, the existing literature and knowledge gaps are examined, as well as the methodological challenges involved in the economic analysis of volcanic hazards and disasters. First, the physical aspects of volcanic activity are presented, and the available physical data are described. Next, the cost to be associated with an explosion and how it can be estimated is considered. Finally, key research issues that economists need to explore and identify relevant methodological data challenges are discussed. Highlighting the research gaps with this paper outlines future research pathways that will explore policy discussions in a greater focus on risk reduction, adaptation, and resilience policies. Based on these data, to evaluate and have effective volcanic risk management, it must first be assessed (i.e., to determine the volcanic system's behavior in the past to conclude future management). It requires obtaining all relevant geological and geophysical information. Thus, the present study attempts to analyze the concepts and methods most commonly used in long-term and short-term hazard assessment and analyze how they help address volcanic eruptions' various severe consequences.
Keywords:
volcanoes, eruptions, economic consequences of volcanic eruptions, volcanic risk, volcanic risk assessment, volcanic hazard.
