The Economic Cost of March 11: Measuring the Direct Economic Cost of the Terrorist Attack on March 11, 2004 in Madrid |
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| Authors: | Mikel Buesa Joost Heijs Thomas Baumert Javier González Gómez |
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| Affiliation: | 1. Department of Applied Economics , Universidad Complutense de Madrid , Spain;2. Department of Applied Economics and Institute for Industrial and Financial Analysis , Universidad Complutense de Madrid , Spain;3. Department of Applied Economics , Universidad Católica de Valencia , Spain |
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| Abstract: | This article attempts to measure the direct costs that the terrorist attacks of 3/11 had on the economy of the region of Madrid. The evaluation has been made applying conservative criteria, and the results obtained have to be considered as minimum. The result indicates that the terrorist attacks caused a loss of nearly 212 million euros to the regional economy of Madrid, equivalent to 0.16 percent of the regional GDP (0.03 of the national GDP). This confirms that the immediate economic dimension of a terrorist attack such as the one of 3/11—apart from human catastrophic consequences—is relatively low. |
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| Keywords: | costs of terrorism region of Madrid terrorism terrorist attacks 3/11 |
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