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Interesting new paper uses our hurricane data to estimate that @NOAA @NHC_Atlantic hurricane forecasts reduce hurricane damage by ~$1.8B/yr 1970-2018
Net benefit: $30-71B
Martinez 2020. Forecast Accuracy Matters for Hurricane Damage. Econometrics mdpi.com/2225-1146/8/2/…
Martinez 2020 has this excellent viz clearly showing the improvement of hurricane track forecast errors since 1950s
Appears improvements really started ~1985
The 12-hr ahead hurricane landfall forecast errors clearly shows a steady improvement but also the elimination of the biggest errors
Bravo @NOAA @NHC_Atlantic
Finally, Martinez 2020 indicates that damage reduction due to improved forecasts does not introduce a bias into our normalization methods (while significant in cost-benefit analysis, it is in the noise of total hurricane damage)
nature.com/articles/s4189…
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