Washington – Allstate, the U.S. Chamber of Commerce and the U.S. Chamber of Commerce Foundation today released new research showing that not investing in disaster recovery today could result in the loss of $33 in future economic activity. If a disaster occurs, higher investments protect lives and property and reduce long-term costs for federal, state and local governments.
Beyond the profits: How investments in resilience and disaster preparedness protect communities 2024 research based on partners, Prepare for profit.
The new study simulates the economic impact of investment programs in five major disaster types and calculates the impact by disaster type.
| Type of disaster | The cost of not investing elasticity (After future disasters, every $1) |
Lower key impact Elastic investment |
|---|---|---|
| hurricane | $7.84 | Up to 131,000 jobs lost $24B GDP drops |
| tornado | $25.15 | More than 14,500 jobs lost $2.2B GDP drops |
| Wildfire | $21.87 | More than 9,800 jobs lost $1.7B GDP drops |
| drought | $32.72 | More than 19,200 jobs lost $3.6B GDP drops |
| flood | $25.44 | More than 13,700 jobs lost $2.3B GDP drops |
Key findings include:
- When communities reduce their resilient investment, they may face more than 30 times the future economic activity over the next decade.
- Flexible funds provide economic protection and stabilize local labor markets regardless of the scale or type of disaster. In areas where it is prone to occur, investment can prevent losses of more than 70,000 jobs.
- Local efforts are important. The report outlines six “resilient levers” that local leaders can use to strengthen preparations for upgrading from infrastructure to community engagement programs.
The report also provides insights from emergency managers, engineers and resilience experts, highlighting the need for cross-departmental collaboration and streamlining processes to ensure rapid resource sharing, coordinated decision-making, and recovery efforts aligned with local priorities.
Rich Loconte, Senior Vice President, Government and Industrial Relations, Allstate
After working with Allstate’s National Disaster Team for over 25 years, we first-hand know that it’s as much prepared as humans. It supports local nonprofits to keep employees at disasters and keep their doors after disasters and to work with citizen leaders and civic leaders to maximize community costs, thus making community costs more costly, thus making community costs better promote promoted investments, which will better promote realistic investments.
Marty Durbin, Senior Vice President of Policy, U.S. Chamber of Commerce
As the cost of disasters and economic losses continue to increase, leaders at all levels of government should know that investment in infrastructure resilience will go a long way in protecting and preparing local communities. Elastic investment reduces costs and speeds up recovery. Community rebounds faster and faster, with faster jobs and economic growth rates and returns on economic growth. ”
Marc Dechourcey, Senior Vice President, American Chamber of Commerce Foundation
“Coordination between the public and private sectors needs improvement in terms of resilience and recovery efforts. Funding is essential, but ensuring that resources are used effectively, partners are working together to deliver the best results.”
The complete report is available here.
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Support communities and small businesses
This study adds to the increasing number of research and resources jointly produced by the U.S. Chamber of Commerce, Allstate and the U.S. Chamber of Commerce Foundation to enhance community resilience.
The partnership is based on Allstate’s work to strengthen communities and protect clients before and after disasters, as well as disaster response and resilience solutions from the U.S. Chamber of Commerce and Indoor Foundations, which include training and resources to help businesses and communities prepare and recover from disasters.
More information about the U.S. Chamber of Commerce’s resilience policy and budgetary recommendations can be downloaded here in Report 3.
About Allstate
Allstate Corporation (NYSE:ALL) protects people from uncertainty about widespread protection of cars, homes, electronic devices and identities. Products can be obtained through an extensive distribution network including Allstate agents, independent agents, major retailers, online and workplaces. Allstate is well known with the slogan “Your Benefits with Allstate”. For more information, visit www.allstate.com.
About the American Chamber of Commerce
The American Chamber of Commerce is the world’s largest business organization, representing companies of all sizes in all economic fields. Our members range from small businesses and local chambers of commerce listed on major U.S. streets to leading industry associations and large corporations.
They all share one thing: They expect the American Conference Hall to be their voice in Washington, nationwide and around the world. For more than 100 years, we have been advocating for the realization of pro-business policies to help businesses create jobs and grow our economy.
About the American Chamber of Commerce Foundation
The American Chamber of Commerce Foundation uses the power of business to create solutions for the interests of the United States and the world. We expect, develop and deploy solutions to meet the challenges facing our communities – anniversary and tomorrow.
Media Contact:
Allstate: mediateam@allstate.com
American Chamber of Commerce: press@uschamber.com
American Chamber of Commerce Foundation: Foundation comms@uschamber.com
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