Climate change is a fact and adaptation to a changing environment therefore a necessity. Adaptation is ultimately local, yet similar challenges pose themselves to decision-makers all across the globe and on all levels. The Economics of Climate Adaptation (ECA) methodology established an economic framework to fully integrate risk and reward perspectives of different 10 stakeholders, underpinned by the CLIMADA impact modelling platform. We present an extension of the latter to appraise adaption options in a consistent fashion in order to provide decision-makers from the local to the global level with the necessary facts to identify the most effective instruments to meet the adaptation challenge. We apply the open-source methodology and its Python implementation to a case study in the Caribbean, which allows to prioritize a small basked of adaptation options, namely green and grey infrastructure options as well as behavioural measures, and permits inter-island comparisons. In 15 Anguilla, for example, mangroves avert simulated damages more than 4 times the cost estimated for restoration, while enforcement of building codes shows to be effective in the Turks and Caicos islands. For all islands, cost-effective measures reduce the cost of risk transfer, which covers damage of high impact events that cannot be cost-effectively prevented by other measures. This extended version of the CLIMADA platform has been designed to enable risk assessment and options appraisal in a modular form and occasionally bespoke fashion yet with high reusability of common functionalities to foster usage of the 20 platform in interdisciplinary studies and international collaboration.
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Bresch et al. (2020) studied this question.