Multi-hazard risk to global port infrastructure and resulting trade and logistics losses

Abstract

Despite their economic importance, the risk that ports face from multiple natural hazards has not yet been monetised on a global scale. Here, we perform an asset-level risk analysis of global port infrastructure from multiple hazards, quantifying the risk to physical asset damages and logistics services (i.e. port-specific risk) and maritime trade flows at-risk (i.e. trade risk). We find that 86% majority of ports are exposed to more than three hazards. Globally, port-specific risk totals 7.5 USD bn per year, with 32% of the risk attributed to tropical cyclone impacts. In addition, 63.1 USD bn of trade is at-risk every year, with trade risk as a fraction of total trade being particularly high in Small Island Developing States. Our result underline that port resilience is determined by various critical factors, such as engineering standards, operational thresholds, recovery duration, that vary widely across ports, requiring tailored solutions to improve port resilience.