Natural Disasters and their Impact on Long-term Growth

Article deals by using empirical analysis with evaluation of the long-run relationship among the realization of natural disasters and with economic growth in selected countries. According to the research results Skidmore & Toya (2002) there is a correlation between higher frequency of natural disasters and higher rate of accumulation of human capital, which ultimately leads to the increase in total factor productivity and therefore economic growth, but mostly only in the long term. The effect of disasters by time we can divide into short and long term, this article will focus on the impact only of second group of this effects. The article aims to confirm or refute the claim that there is a correlation between the implementation of natural disasters and economic growth. According to the results of analyses dependencies between the implementation of natural disasters and economic growth in Czech Republic. Dealing with the consequences of natural disasters implementation is influenced by many different factors, one of which is its dependence on the use of the model covering the aftermath of disasters, which in its form varies by individual national legislations. In Europe, there are several basic models addressing the consequences of the implementation of catastrophic risks. Article will focus on some of them.