Tsunami an economic disaster? Not necessarily - Hawaii News Now - KGMB and KHNL

Tsunami an economic disaster? Not necessarily

By Howard Dicus - bio | email

HONOLULU (HawaiiNewsNow) - The natural disaster of a tsunami could actually provide a temporary boost to the global economy.

Larry Summers, former director of President Obama's economic council and a former head of the World Bank, said rebuilding could temporarily boost the Japanese economy.

Summers suggested this in an interview Friday on CNBC. He added that the global economy is more resilient than most people think.

In Hawaii, disruptive weather events are good for some businesses but bad for others.

Stores that sell generators and hardware supplies experience a run on these items when a tsunami or bad weather approach; other retailers find their usual sales interrupted as people focus on evacuating and stockpiling essential supplies instead of their usual shopping.

HawaiiNewsNow correspondent Tannya Joaquin found three gas stations that had run out of fuel more than an hour before the first harbor wave was to have arrived.

The tsunami is an expense item for hotels, which have extensive plans in place to take care of guests' needs, usually through "vertical evacuation," escorting guests at least three stories up. Much of the expense comes from bringing in extra people to take care of guests.

Copyright 2010 by HawaiiNewsNow. All rights reserved.

  • Hawaii News Now headlinesNewsMore>>

  • US soldier killed in battle with IS in Afghanistan

    US soldier killed in battle with IS in Afghanistan

    Thursday, August 17 2017 9:29 AM EDT2017-08-17 13:29:13 GMT
    Friday, August 18 2017 3:11 AM EDT2017-08-18 07:11:49 GMT
    US military says American soldier killed, several wounded in battle with Islamic State militants in eastern Afghanistan.More >>
    US military says American soldier killed, several wounded in battle with Islamic State militants in eastern Afghanistan.More >>
  • US: War would be 'horrific' but NKorea nukes 'unimaginable'

    US: War would be 'horrific' but NKorea nukes 'unimaginable'

    Thursday, August 17 2017 2:38 AM EDT2017-08-17 06:38:58 GMT
    Friday, August 18 2017 3:11 AM EDT2017-08-18 07:11:47 GMT

    The chairman of the U.S. Joint Chiefs of Staff told reporters that President Donald Trump directly has "told us to develop credible viable military options and that's exactly what we're doing."

    More >>

    The chairman of the U.S. Joint Chiefs of Staff told reporters that President Donald Trump directly has "told us to develop credible viable military options and that's exactly what we're doing."

    More >>
  • City modifying Chinatown curb extensions after negative community feedback

    City modifying Chinatown curb extensions after negative community feedback

    Friday, August 18 2017 3:11 AM EDT2017-08-18 07:11:46 GMT
    (Image: Hawaii News Now)(Image: Hawaii News Now)

    After community outcry from unhappy residents and business owners, the city is scaling back the curb extensions in Chinatown. 

    More >>

    After community outcry from unhappy residents and business owners, the city is scaling back the curb extensions in Chinatown. 

    More >>
Powered by Frankly