Analyzing the Financial Impact of Natural Disasters with UVA SEED
Each fall and spring, FinMango partners with the University of Virginia’s SEED Consulting group to expand our research regarding a variety of financial health topics, from housing costs to comparing financial ecosystems in different countries.
With the recent Palisades fire devastating communities across California, this semester’s SEED research focused on analyzing how communities recover from natural disasters and proposing a customizable tool to make resources more accessible.
A huge thank you to Isabelle Mitchell, Celia Cheng, Sam Solliday, Xavier Ramos, and Phillip Pawlica for their exceptional work throughout the semester.
Here are some of their key findings:
Hurricane Helene’s impact was greatest in rural areas and required rural-specific aid. Over 9,000 homes were damaged, but only 3% of homes affected had any flood insurance. There were also $3.1 billion dollars in crop losses and agricultural recovery costs statewide.
Hurricanes and floods (Appalachia region) had varying search queries including FEMA, Road Closures, Red Cross, Property Insurance, and Flood Insurance.
The LA wildfires’ impact was almost entirely in urban areas and was largely infrastructural. 50.6% of single-family homes were destroyed, leading to severe housing shortages. 36.3% of commercial buildings were destroyed, and 55.1% of
utility structures were destroyed.
Among wildfires, recurring search queries in LA included Air quality, FEMA, Red Cross, Salvation Army, and Water Quality.
SEED recommended the creation of DisasterDesk, a tool that compiles relevant resources for users according to their indicated needs. Features include multiple language options, user feedback channels, community question forums, and personalized financial advising.
The students went above and beyond in their final proposal, and FinMango is excited to see how we can use their recommendations to expand our research and resources within the topic of disaster relief.
About SEED Consulting: SEED Consulting is a social impact consulting group comprised of 50+ students at the University of Virginia. In affiliation with the McIntire School of Commerce and Batten School of Leadership and Public Policy, their goal is to support the training and professional development of members and facilitate the efforts of budding social entrepreneurs at the University of Virginia. Since 2006, they have provided dozens of clients, for-profit and non-profit, with management consulting and strategic advisory services. Learn more.