Adam Rose shared his insights on the economic consequences of 9/11 on an interview with CCTV-America (the China Central Television English-Language News Station, headquartered in the US). VIEW HERE
Professor Rose summarized the results of a CREATE initiative in which he coordinated eight studies to arrive at a definitied estimate of the short-term economic consequences of 9/11. He also commented on such topics as longer-term consequences, which individual economic sectors have been most affected, whether increased security costs had an impact on the U.S. economy, and implications on other government spending of President Obama’s ISIS Strategy.
Rose’s findings on the short-term impacts of 9/11 measured two major aspects not previously taken into account in most terrorism impact studies. First, 72% of the business interruption (GDP) losses were averted by the resilient action of 95% of the 1,100 World Trade Center tenants relocating rapidly to other sites. At the same time, the consequences were exacerbated by fear of airline travel and the impact on related tourism, which comprised more than 80% of the remaining GDP losses. Numerous policy implications follow from this work, including the need to maintain even vacant buildings in good order and the importance of DHS communication efforts prior to and following a disaster.