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In recent years, the intensity and frequency of droughts have been increasing with the advent of the climate crisis. Agricultural droughts have a significant economic and social impact. Agricultural drought is not only a natural disaster but also leads to food security threats and reduced economic activities, such as decreased productivity. Therefore, it is very important to specify the scale of agricultural drought and quantitatively estimate the economic damage. In this study, we developed an analytical methodology to quantitatively assess the economic damage of agricultural drought and estimated the damage of agricultural drought in 2018 and 2019 for the Republic of Korea. The 2018 agricultural drought was estimated to have caused USD 4.438 million in damage cost and USD 5.180 million in recovery cost. The 2019 drought was less damaging than the previous year, with an estimated damage cost of USD 286,000 and recovery costs of USD 218,000. The results suggest that the economic impact of agricultural drought varies by region depending on the frequency and intensity of the drought and confirm the importance of regional strategies for effective drought management and response. The impacts of agricultural drought go beyond short-term agricultural losses and lead to long-term economic burdens. Therefore, the results of this study are expected to be used as a basis for understanding the impacts of agricultural drought on national economies and for developing policies and strategies to minimize impacts.
Song et al. (Wed,) studied this question.