The economic loss of highway delay for one day can be as high as $250 million
The following is the The economic loss of highway delay for one day can be as high as $250 million recommended by recordtrend.com. And this article belongs to the classification: global economy .
The closure of the colonial gas pipeline in May 2021 had a disastrous impact on many sectors of the U.S. economy, especially those relying on the national transportation infrastructure. This event is a warning that the failure of a key infrastructure will have a chain reaction to other infrastructure and sometimes lead to serious human and economic consequences.
To help policymakers mitigate the impact of infrastructure failures caused by disasters such as extreme storms and cyber attacks, the University of Albany emergency preparedness Unal Tatar of the U.S. school of Homeland Security and cybersecurity and his colleagues Joost Santos and shital thekdi developed a method to calculate the economic losses caused by interruptions of different lengths and severity of critical infrastructure. Their research “economic risk for physical system disruptions: a case of transportation systems” is one of several studies on infrastructure resilience proposed at the 2021 virtual annual meeting of risk analysis Association held from December 5 to 9.
The researchers’ analysis of a highway transportation network in Virginia shows that according to the length and severity of the event, the losses experienced due to interruption in a day may range from $8 million to $256 million.
Because of the interconnection between infrastructure such as energy, transportation and communication, scientists increasingly model key infrastructure systems as computer networks. When a node in the network is destroyed, it will affect the whole system. In their analysis, Tatar and his colleagues combined functional dependency network analysis (FDNA) with dynamic inoperability input-output model (diim) to assess the extent to which disruption of critical infrastructure may reduce its function over a period of time.
They tested their new framework on an important highway transportation network in Virginia, considering three different interruption situations:
Mild and relatively frequent traffic conditions (3-hour interruption);
Severe but infrequent traffic conditions (6-hour interruption);
Serious but less frequent events – such as evacuation during and after Hurricanes (1-2 day interruption).
Each situation will cause different degrees of operability to the nodes in the traffic network, such as bridges, tunnels and highway sections. In the analysis, this non operability ranges from 15% of slight interruption to 85% after Hurricane evacuation. At this time, the traffic users are mainly emergency personnel and later evacuees. “At this time, the operation capacity of the bridge and tunnel decreases due to speed constraints and reduced demand,” Tatar said.
A serious situation, the period after the hurricane, resulted in the highest loss – about $250 million in a day, due to high operability (85%). The loss of light delay (3 hours) was $8 million and the loss of severe but infrequent traffic delay (6 hours) was $12 million.
The analysis considers the economic losses experienced by 10 different sectors, from wholesale trade to state and local governments. The sectors that suffer the most economic losses are usually those that contribute more to GDP, such as state and local government departments. In terms of the impact of non operability, the most affected department is computer system design and related services.
“Calculating the economic impact of destructive scenarios will improve risk communication to the public. Although we apply our methods to transportation networks, they can be used to analyze various network infrastructure systems, including power grids, oil and gas pipelines and supply chains,” Tatar said.
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