How Bad Are Weather Disasters for Banks?
Number 990
November 2021 Revised January 2022
JEL classification: G21, H84
Authors: Kristian S. Blickle, Sarah N. Hamerling, and Donald P. Morgan
Not very. We find that FEMA disasters over the last quarter century had insignificant or small effects on U.S. banks’ performance. This stability seems endogenous rather than a mere reflection of federal aid. Disasters increase loan demand, which offsets losses and actually boosts profits at larger banks. Local banks tend to avoid mortgage lending where floods are more common than official flood maps would predict, suggesting that local knowledge may also mitigate disaster impacts.
Available only in PDF
https://www.newyorkfed.org/research/staff_reports/sr990.html
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