THE COST OF NATURAL DISASTERS

Philip Myers and Earl Crochet run through the latest updates coming to API 656 – Aboveground storage tank operations during uncontrollable natural disasters during the first six months of 2021, there have been eight separate billion-dollar weather and climate disaster events across the US. The eye-opening plot in Figure 1 shows the magnitude of problems associated with natural disaster events, referred to as ‘natech’, which means ‘natural hazard-triggered technological event’. Natechs can occur any time natural disasters interact with petroleum or chemical storage facilities and their local associated societal infrastructure. A recent stretch of extreme cold weather in Texas was a good example of a serious natech. In this event important energy infrastructure was knocked out resulting in numerous problems and unfortunately, loss of life. As a current natech example on the west coast of the US, extreme heat is creating unprecedented wildfires threatening infrastructure, homes and lives. Certainly, the recent floods in China’s Henan Province are producing numerous serious natechs. A glance at Figure 1 quickly shows an increasing trend in both the number and the cost...