Academy of Finland
Funding decision
Name Perrels, Adriaan
Organisation IL
Project title REviewing Climate change simulations for enhanced Adaptation in Sectors and Technical infrastructure: implications of growing weather variability and uncertainty for weather sensitive capital intensive systems
Decision No. 140797
Decision date 23.08.2010
Funding period 01.01.2011 - 31.12.2014
Funding 370 000
WebFOCUS Report
Project description
The RECAST study dealt with the uncertainty of future climate and related changes in variability of climatic conditions and their economic implications for the building stock and hydro power operation. One sub-project developed a more robust method for extrapolating extreme values of extreme weather conditions under future climate conditions. A second sub-project refined bias correction methods applied to the output of climate models, so as to obtain more reliable projections also regarding extreme outcomes (the lowest and highest 1%). The third sub-project dealt with consequences for Nordic hydro power and impacts of environmental amenities and risks on urban real estate prices. In most Nordic areas with significant hydro power capacity climate change seems to attenuate variability in reservoir filling. Disclosure of flood risk maps seems to lead to a fairly accurate correction of housing prices. Housing price premiums for environmental amenities are prone to business cycles.