Abstract
The floods of 2007, experienced across much of England, resulted in local authority organisations, including Fire and Rescue Services, mounting large-scale responses and incurring additional and unexpected expenditure. Although central government activated funding schemes, some local authorities fell below the thresholds set and had to absorb the additional costs. This raised a question of what alternative methods were available to allow these local authority organisations to finance such unexpected costs. Weather derivatives are widely used in certain sectors to manage the financial risk that arises from undesirable weather conditions and the objective of this research is to explore the reactions of an FRS towards the use of these financial instruments in managing additional costs, such as those arising from the 2007 floods.
Original language | English |
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Pages (from-to) | 562-581 |
Number of pages | 20 |
Journal | Local Government Studies |
Volume | 39 |
Issue number | 4 |
Early online date | 6 Feb 2013 |
DOIs | |
Publication status | Published - 2013 |
Keywords
- public sector
- weather derivatives
- rescue services
- risk analysis