Tsunami Disaster, Implication on Economy

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Tsunami Disaster, Implication on Economy

By | March 2005
Page 1 of 15
TSUNAMI DISASTER, WHAT IMPLICATION ON ECONOMIC SYSTEM IN THIS REGION?

We view with awe a release of power on this scale. We know that this power is greater than that of our species — nature holds us in its hands. We may be able to mitigate some of the consequences; in some cases we may be able to give advance warning of the threat; but we are not in control; the tsunami has demonstrated this ancient truth. William Rees-Mogg

INTRODUCTION
1.On the morning of December 26, 2004 a magnitude 9.3 earthquake struck off the Northwest coast of the Indonesian island of Sumatra. The earthquake resulted from complex slip on the fault where the oceanic portion of the Indian Plate slides under Sumatra, part of the Eurasian Plate. The earthquake deformed the ocean floor, pushing the overlying water up into a tsunami wave. The tsunami wave devastated nearby areas where the wave may have been as high as 25 meters (80 feet) tall and killed nearly 300,000 people from nations in the region and tourists from around the world. The tsunami wave itself also traveled the globe, and was measured in the Pacific and many other places by tide gauges. Measurements in California exceeded 40 cm in height, while New Jersey saw water level fluctuations as great as 34 cm .

2.Named the biggest earthquake in 40 years struck off the coast of North Sumatra, creating the greatest human catastrophe in living memory. The epicenter of the quake, on the shallow ocean floor, caused a major tsunami to sweep through the Bay of Bengal, the Andaman Sea, and the Indian Ocean. Human casualties exceeding 260,000 and massive damage to property had been reported in Southeast Asia (Malaysia, Thailand, Indonesia, Myanmar), South Asia (India, Sri Lanka, and Bangladesh), Eastern Africa (Somalia and Tanzania) and the Maldives.

AIM
3.The aim of this paper is to examine Tsunami disaster that happened on December 26, 2005, in brief, and its implication on economic system particularly to the impact of...
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