Natural disasters and fiscal shelters

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<title> Natural disasters and fiscal shelters</title>
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<name type="personal" usage="primary" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20260006178">
<namePart>Fernández Gallardo, Álvaro</namePart>
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<namePart>Pappa, Evi</namePart>
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<namePart>Banco de España</namePart>
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<publisher>Banco de España</publisher>
<dateIssued>2026</dateIssued>
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<abstract displayLabel="Summary">This working paper analyses the economic impact of natural disasters in the United States and evaluates the effectiveness of federal fiscal assistance. Using high-frequency economic data and quasi-random variation in FEMA aid approval, the authors compare recovery paths across similar disasters. The results show that timely and generous fiscal support significantly accelerates economic recovery, while denial of aid leads to deeper and more persistent downturns. The study also highlights the role of fiscal preparedness and hazard mitigation in enhancing resilience to climate-related risks</abstract>
<tableOfContents displayLabel="Contents">Abstract -- Introduction -- Data and summary statistics -- Empirical methodology -- Results -- Heterogeneity in fiscal assistance -- Fiscal preparedness and recovery -- Hazard mitigation programs -- Conclusions -- References</tableOfContents>
<note type="statement of responsibility">Álvaro Fernández Gallardo and 
Evi Pappa</note>
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<topic>Catástrofes naturales</topic>
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<topic>Riesgos meteorológicos</topic>
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<topic>Recuperación económica</topic>
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<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080573287">
<topic>Política fiscal</topic>
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<topic>Mitigación de riesgos</topic>
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<topic>Economía regional</topic>
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<topic>Gestión de riesgos</topic>
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<url displayLabel="electronic resource" usage="primary display">https://www.bde.es/wbe/en/publicaciones/analisis-economico-investigacion/documentos-trabajo/natural-disasters-and-fiscal-shelters.html</url>
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<title>Documentos de trabajo</title>
<partNumber>nº 2912 ; March 2026</partNumber>
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