Kick Starting Economic Recovery
This content outlines strategies for kick-starting economic recovery post-disaster, emphasizing local action, avoiding analysis paralysis, and focusing on key sectors like tourism, health, agriculture, education, and the gig economy. Recommendations include evaluating business needs, addressing regulatory hurdles, connecting businesses with resources, and advocating for stimulus funding. The emphasis is on taking immediate action to support businesses and the economy.
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Presentation Transcript
Kick Starting Economic Kick Starting Economic Recovery Recovery Eric Holdeman, Director Center for Regional Disaster Resilience (CRDR) Pacific Northwest Economic Region (PNWER)
A Different Type of Disaster Radically different in nature from a natural disaster with physical damages Typically, FEMA provides: Public Assistance for Governments Individual Assistance to help individuals--with damages SBA provides low interest loans to qualifying businesses For COVID-19 we have successive CARES Act Congressional Leg. Basically, CPR for people, businesses, and the economy in general
What is Needed Now Action is needed now! Slow out of the starting blocks? You can t be waiting for a grand plan to be developed Act locally, people need hope Mistakes to avoid: Paralysis by analysis Studying the issue to death ending up in an autopsy vs. a rescue Academic studies have shown that in natural disasters 40% of small businesses that close their doors for three weeks will eventually fail
PNWER Recommendation for Path Forward Based on previous recovery planning and recovery exercises Evaluate needs and capabilities in the business sector and set recovery priorities. Amend regulatory, code compliance, and permitting issues that may slow the speed of reopening businesses. Connect businesses with employees, goods, and markets. Retain your state/county/city s largest and highest profile businesses. Support small and medium-sized businesses. Communicate the strength of the local economy and its recovery. Key Sectors: Tourism; Health; Agriculture; Education; Gig Economy
State by State, Congressional Delegation Advocacy by PNWER A stimulus funding package for states to provide critical programs Assistance to traded-sector industries; to include promotion programs Resources to support firms seeking to rebuild their supply chains Funding toward research and development Education and incentives that will help create domestic supply chains E.g. Medical PPE that will be on shored in the future A focus on tourism recovery that has urban and rural benefits
