Abstract
Torrential floods have caused great material and economic damage in Serbia, in the past and even more frequently nowadays. Definitely, the reduction of negative consequences can be achieved by taking preventive measures which include integral basin arrangement. The economic justification of investment in the protection against torrential floods includes a specific approach, especially when it comes to technical facilities in this area. On the basis of the example of flood control on a part of the river Ljubovidja, variants of protection were selected on the basis of economic criteria. On the basis of the techniques of avoided damage, evaluation of the economic effects of provided embankments for flood control was done using dynamic methods: the cost-benefit relationship and net present value. It was concluded that the second option is more economical, even though it does not protect the whole area from floods, because a part of that role would be taken over by the intended dam in the upper flow of this river.
Highlights
The phenomena of natural disasters, such as floods, large amounts of sterile sediment, soil loss etc., have occurred more frequently since the second half of the twentieth century, both on a global scale and in Serbia
According to the applied dynamic methods of assessment of the long-term effects, it can be seen that the ratio of actual benefits and costs is 1.12 for variant I, which means that the project is economical (B/C>1)
The net current value is 67,751.63 EUR. This result shows that for this sum of net current value, there will be no investments in the flood damage remediation, so construction facilities are fully protected, and agricultural production can be freely carried out on the protected sector
Summary
The phenomena of natural disasters, such as floods, large amounts of sterile sediment, soil loss etc., have occurred more frequently since the second half of the twentieth century, both on a global scale and in Serbia. Serbia in May 2014 have caused the damage of approximately 1.5 to 2 billion euro. The disaster could not have been avoided, but it is evident that the damage might have been reduced with preventive measures for an integrated arrangement of torrential basins. According to the Agency for Protection against Torrents and Avalanches in Austria, the investment for these purposes is around one billion euro annually. According to the American Development Bank, natural disaster economy takes into account cumulative effects at the national level (Cavalo et al, 2009)
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