How to Calculate Average Annualized Loss: A Live Hazus Walkthrough of FAST Enhancements
Recently the Hazus Team made enhancements to FAST to allow users to run an Average Annualized Loss (AAL) calculation.
Date: August 24, 2022
Time: 7:00 pm - 8:00 pm
Location: Virtual
Event Details
FEMA's Flood Assessment Structure Tool (FAST) was developed by the Hazus Team as an open source alternative to the flood modeling capabilities in Hazus. FAST combines structure data with flood depth information and damage functions developed by the engineering community to estimate flood impacts for every building in a study area. FAST calculates economic losses, building damage and debris for approximately 10,000 structures per second.
Recently the Hazus Team made enhancements to FAST to allow users to run an Average Annualized Loss (AAL) calculation. AAL is the mean value of a loss exceedance probability distribution, also known as the expected loss per year, averaged over many years. Estimating the AAL allows users to look at a greater range of event recurrence and/or storm variability to better define flood hazards and associated risk, as opposed to simply evaluating based on one event, ie.1% (100-yr) risk.
Speakers: Jesse Rozelle, Brian Cunningham, and Ashley Hoke